EP231: Good Call Bad Call FAQ on Oil Markets

Murti argues confirmed Middle East oil flow recoveries disprove the oil glut narrative, with $80-100 oil and OPEC's higher demand forecasts winning out.

• Hormuz flows vindicated: Energy Secretary Chris Wright's claim that Middle East oil flows were higher than realized was dismissed as political spin but is now confirmed, with Goldman Sachs and JPMorgan analysts saying flows returned to 2025 levels.
• Oil glut narrative rejected: Despite recovering Middle East flows, oil remains $80-$90-$100/bbl, undercutting the glut thesis that argued trend GDP growth implies oil should trade below $60, even below $50.

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