Global Oil Supply Hasn't Recovered From the Recession

Oil prices had risen to their highest level in five years by summer of 2021, long before the February 2022 invasion of Ukraine. The result is that global oil supply hasn't recovered to its pre-pandemic levels. Oil demand in 2022 slightly exceeded 2019 demand, despite that China was still locked down and international air travel hasn't fully recovered. We need more oil than we consume before the pandemic, and we just plain don't have it.