New Delhi, April 13 -- Global oil markets are entering one of their most volatile phases in decades, with fresh data from OPEC+ nations exposing a structural shock that is rapidly reshaping the balance of power between suppliers and consumers, and reopening a debate Europe has struggled to settle since the start of the Russia Ukraine war.

Oil production across OPEC+ nations plunged by roughly 7.7 million barrels per day in March, one of the steepest monthly declines in modern history, driven largely by conflict-related disruptions across the Middle East and the near paralysis of the Strait of Hormuz, a corridor responsible for a significant share of global energy flows.

The collapse has exposed a reality European policymakers have long ...