Jeff Currie: Illusion of Oil Abundance Is Gone

Carlyle Group Chief Strategy Officer, Jeff Currie, has declared that the global oil market's "illusion of abundance" has vanished, warning that the market has rapidly transitioned from a standard supply deficit into a structural energy shortage.

According to the former head of commodities research at Goldman Sachs, the real signal of a market deficit comes from refined product markets, where crack spreads have skyrocketed to an unprecedented $70 a barrel--a historic level wherein the processing spread nearly equals the price of the crude itself.