The largest oil exporter - Saudi Arabia - is cutting production following the UAE and Kuwait, Bloomberg sources report. The reason is the same: full storage facilities due to the actual blockage of the Strait of Hormuz. By mid-day on March 9, the Brent price had consolidated above $100 a barrel, having fallen from a peak of $120. The risks of a physical oil shortage are somewhat exaggerated, <a href="https://www.facebook.com/dmitry.al.nekrasov/posts/pfbid02KEfWuURAD4D2obTXwaKGuxm4xCSxiPscEeRwy3Q4AXG1z69SqpPKjKNqtMdmniv5l">Dmitry Nekrasov</a>, director of the CASE (Center for Analysis and Strategies in Europe) analytical center, wrote in his <a href="https://t.me/s/dnekrasov">Telegram channel</a>.

Dmitry Nekrasov

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Is the oil apocalypse off? Why the world is not in danger of running out of physical oil