By definition, economic destruction is a breakdown of an area’s economy that results from a crisis. It occurs after a severe economic contraction or recession. Economic destruction can last any number of years depending on how severe the damage is.
Sankey warned that the world’s path is heading toward economic destruction. “I’m concerned that we don’t have enough oil at all here,” he said. “We need to go to $120 to $150 [per barrel], and then we get into economic destruction,” he added.
Sankey sees oil trading between $100 to $150 per barrel until the crisis in Ukraine resolves. Currently, Brent crude futures briefly climbed to $119 before settling down to $116.59 per barrel.
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