Wildfires in Canada. Pipeline sabotage in Colombia. Instability in Venezuela. U.S. frackers at a standstill. Drops in oil output are happening so fast that it looks as if the Americas alone could resolve global oversupply. The 60 percent price slide of the last 23 months has been consistently pegged to one problem: current global supply exceeds demand by 1.5 million barrels per day (bpd). But oversupply could evaporate quite quickly when seen through the prism of current disruptions and declines in the Western Hemisphere. “Unplanned oil supply disruptions have been a key element so far this year that have contributed to a tighter oil market than was otherwise expected,” analyst Guy Baber of Simmons & Co. told clients on Thursday. He also cautioned that if the disruptions […]