The redundancy premium
Five months of disruption have exposed a weakness deeper than lost production. The global energy system can produce enormous volumes of oil and gas, but it has fewer credible alternatives when the routes, terminals and refineries connecting that supply to its customers come under pressure at the same time. That is changing the perceived value of spare capacity – but whether governments and companies will keep paying for it after the crisis is another question.
Jul 30, 2026
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5 min read