The oil price has plummeted in recent days, with a spectacular drop of $3.51 on May 23. Well, not spectacular (see figure) but definitely notable, especially given an extremely bullish geopolitical situation. Venezuelan production appears likely to remain near zero in coming months, Iranian exports have apparently dropped, and contamination of Russian oil has shut down the 1 mb/d Druzhba pipeline for an indefinite period, “leaving refiners in Europe scrambling to find supplies.”
