Commentary Oil prices have risen to a staggering US$120 per barrel in the wake of Russia’s invasion of Ukraine. But that’s not a record in real-dollar terms. Inflation-adjusted oil prices reached the same level in 2013, driving a supply response that temporarily lowered prices. World oil demand steadily increased, reaching a record 100 million barrels per day before the COVID collapse. Demand has since come roaring back and despite all the “net zero” rhetoric, the International Energy Agency forecasts that world oil demand will continue to grow. The big question is: who will supply all that oil? Middle Eastern countries, led by Saudi Arabia, will be major contributors and, despite U.S. and UK bravado in banning Russian imports, current and forecast world oil demand cannot be met without Russian oil. The disparate list of countries controlling world oil supply may soon include Iran if, as news reports suggest, President Biden …