Cathie Wood: Oil Isn't Spiking Because Supply Keeps Coming Back

Cathie Wood notes that despite two wars, oil has not broken its 2008 peak of $147 — even with the Russia-Ukraine war and the Iran conflict continuing.
She points to Abu Dhabi's exit from OPEC in May, with its production up 78% to just over 4 million barrels per day, alongside Venezuela's potential to become another supply source. U.S. production currently stands at 13.6 million barrels per day, with over 6 million exported.
Traders are also not pricing in an oil shock, assigning only a 10% chance that crude reaches a new all-time high by December 31.