The Iran war set off the “most severe oil supply shock in history,” the International Energy Agency (IEA) said in a new report on Tuesday, warning that high prices would slash demand for crude, the primary lifeblood of the global economy.
In March, oil prices notched their largest one-month gain ever, the IEA said.
The IEA – a Paris-based group made up of 32 member nations, including the U.S. – warned of a widespread bout of “demand destruction" in the report. Under such a scenario, high prices would make oil unaffordable for many buyers, forcing them to find alternatives or forgo energy use altogether.
I mean we export because the oil we extract is not the type our refineries are built to make into gas. So we export what we extract and import what we need. That being said we mostly import from the americas but that being said asia is going to draw more oil from our sources when the straight has issues. We are certainly more steps out than europe. but its still a fungible commodity.