Expectations for a supply shortage support oil's latest bull run, with benchmark Brent flirting with $85 per barrel this week. Bulls see oil demand recovering further from the pandemic this year, with supply falling short due to recent weak upstream investment. The prevailing belief is that this will expose Opec-plus spare capacity as an empty shell, possibly paving the way for a new supercycle in oil. Energy Intelligence now puts Opec-plus spare capacity at less than 3.5 million barrels per day. But if the group follows its agreement and adds 400,000 b/d through September, only Saudi Arabia and the United Arab ... (full story)