Analysis-When it comes to oil, the global economy is still hooked

Published by
Reuters

By Sarah McFarlane and Mark John LONDON (Reuters) – The world may be less dependent on oil now than it was during the energy shocks of the 1970s, but the Ukraine conflict is stark evidence of a stubborn craving that can still disrupt economies, confound policymakers and spark political strife. When the Yom Kippur War of 1973 triggered an Arab State oil embargo that convulsed world markets and sent inflation into double-digits, oil made up nearly half the global energy mix – a figure that has since dropped to around one third. The shift came as rich countries focused more on services, factories…

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