“The world relies heavily on three nations for crude: the US, Saudi Arabia and Russia. Together, they account for nearly 45% of global total oil supply. With US investors unwilling to finance a return to the days of “drill, baby, drill” at home, American output growth is now slower than it was in the 2010s. Russia faces an even darker outlook as the impact of Western sanctions not only curb current supply, but also hinder its ability to expand in the future.”

Javier Blas, Saudi Arabia Reveals Oil Output Is Near Its Ceiling [Bloomberg]