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The price of ignorance

The issue of security of supply in oil has tended to be closely correlated to prices. It rarely arises in times of lower prices and plentiful supplies, but normally comes to the fore at times of rising prices and greater potential scarcity.

The current re-emergence of the issue draws together a series of concerns for western governments — the fall in OECD oil output, the potential competition for supplies from key emerging markets, the general increase in geopolitical fracture…

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