Oil-supply outages are at their highest level in more than a decade, bolstering the “fear premium” that has helped push crude prices to $50 a barrel. About 3.5 million barrels a day worth of production is off line because of disruptions such as militant attacks in Nigeria, wildfires in Canada and political unrest in Libya—more than 3% of the global total, says research firm ClearView Energy Partners LLC. That is likely the highest since the Iraq war hit output there in 2003, says Jacques Rousseau, the firm’s managing director of oil and gas. At the same time, there is less slack to fill supply gaps. Unused production capacity that the Organization of the Petroleum Exporting Countries can bring on quickly has dwindled , and the glut of output from other producers, including U.S. shale companies, has ebbed as companies cut back amid lower prices. “There isn’t a lot of […]