Rory Johnston is a Toronto-based oil market researcher, the founder of Commodity Context, a lecturer at the University of Toronto's Munk School of Global Affairs and Public Policy, as well as a Fellow with both the Canadian Global Affairs Institute and the Payne Institute for Public Policy at the Colorado School of Mines. Prior to founding Commodity Context, Rory led commodity economics research at Scotiabank. In this podcast, we discuss:

1. The Billion-Barrel Supply Gap
2. Physical Insurance and Pipelines
3. The "Toll Booth" Strait
4. Sanctions as a Safety Valve
5. Wealth vs. Shortages
6. China's Strategic Resilience
7. The "Unilateral Taco" Scenario
8. Long-Term Energy Optionality