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Guyana’s Oil Boom Could Ease the Global Supply Crunch
Tight global oil supplies, compounded by fears of further U.S. strikes against Iran, are stoking concerns over a potential oil price super-spike. Global petroleum inventories are shrinking, while U.S. fuel prices surge to historic highs, fueling inflation and intensifying pressure on the economy. As Middle East tensions disrupt shipping through the Strait of Hormuz, a chokepoint for one-fifth of global oil supplies, Guyana’s petroleum output continues to expand, helping to mitigate supply constraints and the risk of significantly higher prices.…