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Partly this stems from uncertainty about the impact of the Omicron variant of the covid virus, as well as possible supply problems in some countries where workers are having trouble performing needed maintenance due to supply chain issues. But the geopolitical environment could be even more vexing, even if it doesn’t appear to be factored into the oil price—as of yet. A number of threats to the global economy—and maybe oil supply—are lurking in the background and need to be considered seriously.
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