Until recently, it appeared that the Trump regime's most impressive feat was to steady the price of oil futures in the face of what constituted an energy shock guaranteed to roil the markets. But appearances can be delusional. Facts provide a sobering view of how far you can push a narrative based on manipulated numerical indicators and presidential proclamations that don't stand the test of credibility.
Before Feb 28, the Gulf countries supplied ~23% - 23 mn barrels per day (bpd) - of global oil, with the Strait of Hormuz seeing an outflow of ~20 mn bpd. Red Sea, on account of Saudi Arabia's East-West pipeline (Petroline), accounting for ~1.6 mn bpd, and Fujairah port, connected to Abu Dhabi Crude Oil Pipeline (ADCOP), debouching ~1.5 mn bpd.
