The Globe and Mail reports in its Saturday edition that oil prices have dropped nearly 20 per cent since the Israel-Hamas war began a year ago. The Globe's Eric Reguly writes that energy markets, unlike in 2022, are swimming in oil. Oil traded at $73 (U.S.) on Friday, well below its 52-week high of almost $94 (U.S.) even as Israel and Iran seemed on the verge of war. OPEC aims to increase output to regain lost global market share as non-OPEC producers rise in production. Five years ago, 44 per cent of oil came from non-OPEC countries; now, it is nearly 60 per cent. The International Energy Agency projects a 1.5-million-barrels/day increase in non-OPEC production next year. At the same time, oil demand is weakening. On Friday, China posted its slowest economic growth in a year and a half. The IEA said last week, "Chinese oil demand continues to undershoot expectations and is the principal drag on overall growth." Even if Israel and Iran were to get ugly with one another, a genuine oil crisis that would push prices to $120 (U.S.) seems unlikely, though not impossible. There is a lot of oil around and the excess supplies can act as a crisis cushion -- as long as the next crisis does not burn the entire Middle East.