What a difference one month makes. One month ago, the International Energy Agency (IEA) warned that the world was “straining parts of the system to the limit,” noting that “recent production increases come at the expense of spare capacity,” and that the “strain could be with us for some time and it will likely be accompanied by higher prices.” In the IEA’s most recent Oil Market Report, released on Wednesday, the Paris-based energy agency welcomed the fact that OPEC+ rose to the occasion and added more supply to a market that was rapidly tightening. “Producers have heeded the warnings and more than met the challenge and today, the Big Three, Russia, Saudi Arabia and the United States, all see output at record levels,” the IEA wrote. Oil prices are back down to “more reasonable” levels, which should provide relief for consumers, a particularly welcome development for emerging markets that […]