MOHAMMAD BARKINDO, secretary-general of the Organisation of the Petroleum Exporting Countries (OPEC), reflected upon the dramatic geopolitical developments of the past few weeks as he addressed a ballroom in Houston this week. Thousands of oil executives have gathered in the world’s petroleum capital for CERAWeek, an energy conference organised annually by S&P Global, a financial-information provider. He observed that the OPEC cartel has seen seven painful boom-and-bust cycles in oil since its founding in 1960, and worried that the Russian crisis may to another such “catastrophe”.
His warning came on a monumental day in the history of energy. In retaliation for Vladimir Putin’s bloody and
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