Oil may no longer pose the same threat to the global economy — but another risk ‘may be around the corner,’ says Citigroup
THE SO WHAT
If El Niño becomes the macro swing factor instead of oil, your exposure shifts from fuel prices to agriculture, infrastructure, and labor productivity shocks. Operators with global supply chains should be scenario-planning around climate-driven volatility in food, water, and grid reliability, not just energy costs.
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