Carlyle Group Chief Strategy Officer, Jeff Currie, has declared that the global oil market's "illusion of abundance" has vanished, warning that the market has rapidly transitioned from a standard supply deficit into a structural energy shortage. According to the former head of commodities research at Goldman Sachs, the real signal of a market deficit comes from refined product markets, where crack spreads have skyrocketed to an unprecedented $70 a barrel--a historic level wherein the processing spread nearly equals the price of the crude itself.…
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