Disruptions due to the Red Sea crisis have extended tea delivery to the UK by 10-14 days
UK Retailers Concerned About Tea Supply
By Dan Bolton
Shipping company executives see no sign of improvement for vessels transiting the Red Sea, leading UK retailers and tea companies to take steps to minimize shortages.
As shipping costs surge, suppliers in Kenya and India face a more daunting challenge. Rates from Asia to Europe are up nearly five-fold, rising to $5,000 per 20-foot container. During the height of the pandemic, the expense of shipping containers of tea long distances exceeded the value of bulk tea within.
Three months into the crisis triggered by the war between Israel and Hamas terrorists, Yemen’s Houthi rebels continue their drone and missile attacks in both the Gulf of Aden and the Red Sea.
Executives of the largest shipping companies told Bloomberg TV that threat levels continue to escalate. The disruptions could last an entire year.
Maersk Chief Executive Officer Vincent Clerc told Bloomberg TV, “The amount and range of weapons being used for these attacks are expanding, and there is no clear line of sight to when and how the international community will be able to mobilize itself and guarantee safe passage.”
Half of the tea consumed in England is shipped from Kenya and India via the Suez Canal. This week, executives at Yorkshire Tea and Tetley Tea reassured the public they had implemented measures to minimize any disruption of the blending and manufacturing due to shipping delays.
A spokesperson for Tetley told the BBC “At the moment it’s much tighter than we would like it to be but we’re pretty confident we can maintain supply levels. Our priority is to maintain our consistent high levels of service, based on ordered and forecasted demand. We believe we can continue to deliver this, but acknowledge that this is a critical period which requires our constant attention.’
Spokesman Tom Holder of the British Retail Consortium, representing 200 retailers, reports temporary disruptions in the scheduled arrival of some black tea, but delays thus far amount to no more than a “blip.” Companies are adjusting orders and inventory to account for 10 to 14 additional days at sea. Sainsbury’s website assured customers of adequate supply but expressed concern should shipping firms experience lengthy delays.
According to Reuters, more ships are re-routing via the Cape of Good Hope than transiting the Red Sea via the Gulf of Aden.
BIZ INSIGHT – Britons drink about 100 million cups of tea daily, according to Sharon Hall, chief executive of the UK Tea and Infusions Association. The UK is the world’s fifth largest tea importer. Tea imports from outside the EU amounted to 104 million kilos in 2021. UK blenders export about 9.5 million kilos of tea valued at two million British pounds ($2.5 million in US dollars) annually, mainly to the European Union.
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Assam budget allocates financing for tea worker housing
Budget Season and Aid for Tea
As State Governments announce their budget for the upcoming financial year, the tea industry has been waiting for news on its impact. So far, the Tamil Nadu government has announced an incentive of Rs 2 per kilo to members of the state-owned INDCO cooperative in the Nilgiris. This benefits about 27,000 small tea farmers attached to the INDCO factories. In Assam, 130,000 houses were to be constructed as per last year’s budget. This year, 10% of the houses are earmarked for tea garden workers. Additionally, funds will be earmarked towards payments of electricity bills in arrears in the tea communities. In West Bengal, the finance minister said 2,500 acres of unused land in tea gardens had been recovered and land rights granted to 23,000 workers in the Dooars. The housing scheme here continued to be in focus, as land rights and funds for house construction were included. Five tourism projects on four tea estates in the region have also been approved.
Iran Turns to Sri Lanka for Tea
The Hindu Businessline reportedthat a barter agreement between Iran and Sri Lanka will mean India will continue to lose in this market. In 2023, India’s tea shipment to Iran decreased from 54.45 mn kilos (2019) to 6 million (2023). Iran and Sri Lanka have entered a barter to settle the latter’s oil debt of $250 million for fuel purchases made in 2012. According to the agreement, Sri Lanka will supply tea worth $5 million monthly for 48 months, ending in September 2027.
Study on Assam Tea
A study published in the Journal of Plant Beverage Research reveals new Camellia sinensis assamica varietal traits. Researchers from India and China who have worked on this study using 150 SNP markers and population genetics tools to conclude that Assam tea is unique. Researchers identified five distinct genetic populations independently domesticated from a western cluster of wild tea trees rather than introduced from a single origin. The varietal grown in Assam differs from the eastern cluster grown in Yunnan. This new understanding presents new possibilities for cultivating new hybrids bred from Assam tea.
The Committee on Sustainability Assessment (COSA) was established to measure the massive quantity of precise data and the impact of harder-to-quantify, pragmatic ways of measuring sustainability, such as living income calculations, gender inclusion, and next-generation training.
In 2005, sustainability pioneers at the United Nations identified the need to harmonize sustainability metrics with science-based credibility. Seven years later, COSA became a not-for-profit public research organization to complete that work.
Daniele Giovannucci co-founded COSA to counter what he called “the fluff and ignorance masquerading as development and the colossal sums wasted by well-meaning funders.” He championed the “democratization of data,” devising standard metrics for the coffee industry in 2018.
COSA, supported by discerning philanthropists from the Bill & Melinda Gates Foundation to the InterAmerican Development Bank, has standardized sustainability metrics for leading brands, global frameworks, cutting-edge technologies, and governments for two decades. Giovannucci retired in mid-2023, and Liam Brody was named his successor. Liam joins us on the Tea Biz Podcast to explain COSA’s role in intelligence-gathering and developing strategic tools that advance sustainable practices with “good business” underpinnings. He also shares his vision of how artificial intelligence will revolutionize and influence consumer behavior and perception of sustainable practices.
Liam Brody, CEO Committee on Sustainability Assessments (COSA)Newly named Committee on Sustainability Assessment CEO Liam Brody
Predictability is Around the Corner
By Dan Bolton
COSA Board Chairman Richard Rogers, in announcing the promotion of Liam Brody to CEO, described him as the right leader to unlock the exponential impact of the organization. Brody “is an accomplished and visionary leader” who can drive the transformative change needed to help tackle today’s sustainability challenges.”
Liam was president of Sustainable Harvest, a trailblazing B Corporation and leading specialty coffee importer. As president, he doubled the company’s size, leading strategy and operations—overseeing sourcing, sales, finance, marketing, technology, talent, and impact. Liam spent nearly a decade with impact investing pioneer Root Capital, helping unlock $1 billion in finance for small and growing agricultural businesses around the globe. Earlier, Liam was director of sustainable coffee for Green Mountain Coffee (now Keurig Dr Pepper) and was a program manager, campaign director, and private sector adviser for the humanitarian organization Oxfam—where he played a crucial role in building the fair trade market.
He earned a Bachelor of Science in Agricultural Education from Cornell and holds a Master of Education in Social Policy from Harvard.
Dan Bolton: Congratulations on your appointment. It’s an outstanding choice on COSA’s part.
Liam Brody: Thank you, Dan! That means a lot coming from you. You’re one of my heroes in the tea and coffee community. I’ve learned so much from reading and traveling with you over the years. It’s a pleasure to be part of this conversation.
Dan: In just a sentence or two, will you tell readers what you will do now that you’ve got the reins in hand?
Liam: First and foremost, we plan to scale our work exponentially to help make a dent in two of the most pressing issues facing our world and the global food system: climate change and inequity. Over the next ten years, COSA will impact 100 million farmers stewarding a billion hectares of land.
Liam: But, to go forward, it might be helpful if we first look back. COSA started with a simple question: “What is sustainability, and how should it be measured?” As we began to answer those questions, we started advising tea, coffee, and chocolate professionals on how to use the best science and practice to actually measure. But that work only introduced more questions, like, “What do we do with all of this data once we’ve measured it and, most importantly, how do we make sense of it?”
Today, COSA finds itself helping all actors in a value chain, from tea and coffee to cocoa, palm, and more, use data to advance impact, performance, and risk reduction. Together, our work is transforming the global food and agriculture system to work and better benefit all involved—from crop to cup. We are working to climate-proof our future. And to do so in a way that is economically advantageous to all involved. That used to be “pie in the sky.” Now, with all that data, new tools, AI (artificial intelligence), machine learning, Earth Observation (geolocation and remoting sensing), predictive analytics, and more, it’s a reality knocking on our front door.
“It used to be that no matter how smart the human was in this equation, we just couldn’t process all this data ourselves. There were just too many variables.”
Liam Brody, CEO Committee on Sustainability Assessment
It used to be that no matter how smart the human was in this equation, we just couldn’t process all this data ourselves. There were just too many variables. You know, old school when the world changed at a slower pace and harvest seasons and global production were more consistent—forget the new variables coming at us at much higher, seemingly unpredictable velocity.
Today, new tools and approaches are changing the game from always being backward through the rear-view mirror to giving everyday tea professionals a new crystal ball that allows us to look around the corner and predict what’s coming. But, to harness this new power, we need good data and strong systems—and integrated tools designed for all players in the value chain. This allows us to play a granular game at scale—ultimately allowing us to invest in the right things at the right time to boost impact, performance, efficiency, deliverability, and more.
We are leading a multi-year effort with the Bill & Melinda Gates Foundation to use these new tools to lower the cost and time needed to collect data. No supply chain professional wants to spend all their time and money on measurement for the sake of measurement. We want to drive change. These new lean and agile approaches we are pioneering will help all of us spend the time and money saved on insights and investing in action. COSA is doing extensive published research to determine how to deploy technologies like WhatsApp, SMS, and satellite imaging to leapfrog outmoded approaches.
The game is finally shifting to real-time. That allows us to get ahead of problems before it’s too late. And everybody wins. If a farmer learns early in the season that she is at risk of crop failure—it’s a terrible realization. But, the sooner she knows, the sooner she can act. And, the sooner she knows, the sooner a buyer knows. An enlightened buyer might decide to help make a critical investment, or offer a multi-year deal to bridge the crisis—or even partner with the local government or a humanitarian organization on stopgap measures. As a former buyer and financier, being unable to predict potential defaults or delivery delays far enough in advance could be catastrophic to our business—let alone the positive impacts so many of us in tea seek to make in the world.
COSA was founded to establish consistent indicators of sustainable practices
Dan: Alan Lai and his team at ProfilePrint in Singapore and Dr. William Ristenpart, who heads the Coffee Center at the University of California, Davis, have developed cloud-based apps to identify raw and finished leaves, seeds, and grains. IDaaS is an authentication service that uses desktop sensors, scanners, and even cell phones to upload “digital profiles” and, in seconds, download detailed chemical and physical attributes of the sample that reveal and quantify defects, colors, shape, the presence of adulterants, and other characteristics closely correlated to organoleptic qualities assigned by trained tasters.
Liam: Absolutely. Our ability to analyze where something went wrong in the process is key. Otherwise, too many people still assume what went wrong must have been at the start of the chain.
But, if we can isolate variables, we better understand the problem and where it may have originated, not for blame, but for better performance and risk management. I love the idea of shortening those feedback loops so you can quickly identify issues and rapidly give feedback, and frankly, you can quickly course-correct before something goes sideways.
Dan: You’re a 90-storefront grocer with 100,000 pounds of tea inside your warehouse. Place a sample into the ProfilePrint analyzer, and within five minutes, you learn that you’ve got four weeks to sell it before staling will force you to sell at a heavy discount. . Liam: Integrate that data into a model that starts to overlay origin data. Origin data that tracks yield, productivity, cost of product, living income, and geopolitical and climate risk. The correlations can be a roadmap for business growth—because then you are getting into predictability, which is super cool.
Dan: Oversupply of tea is widespread. It’s a cyclical problem that depresses prices over decades. Tea multinationals exerted control over supply because they owned plantations and factories and employed large workforces. Today’s markets are fragmented, and there will never be a one-size-fits-all tea. Sellers have unprecedented access to data, and those who monitor consumer preferences could order tea on demand. In specialty coffee, Starbucks and Nespresso set quality minimums, then vet (or train) growers to meet those standards, rewarding them with long-term contracts at premium prices – achieving balanced supply and demand for their markets.
Liam: That’s the future, but we need to stop silo’ing sustainability as if it were a standalone thing only good for glossy reports and storytelling. Sustainability data is core to business planning and performance.
If we’re collecting the right data at the right time, we can start to understand the correlations between sustainability investments and core business ROI. We can start to see how labor availability, diversity, water scarcity, and productivity fit together in real-time with pricing with market demand and consumer profile changes. When you have access to that data — and can be sure that it’s not what the computer scientists call dark data — data just sitting there on a shelf – but rather in the sophisticated digital system, then you can move quickly to provide insights for everyone in the industry, especially the farmers and growers holding up the foundation.
COSA CEO Liam Brody
Measure What Matters
As you said at the beginning, we can all be part of starting to understand what investments to make and when to get that tea on demand, ultimately to the right market at the right price. And, when I say the right price—I mean for producers, too.
But to play in that space, you must figure out what you’re measuring. You have to have places to put that data, and you have to have systems that work to analyze and visualize and allow the value chain to participate. We also need to start driving these evidence-based insights back to farmers so they can make real-time, informed decisions about their own lives.
Right now, there’s not enough of that. In stark examples, we see that the companies that have been investing in data for years are now figuring out how to harness it and are leaping far beyond those that have ignored the need, assuming it was just another cost. New regulations are motivating a wave of new brands ready to take the plunge—but too many seem solely focused on compliance rather than the true power to unlock business performance. But don’t worry. You haven’t missed out if you have started or are trying to figure out where to start. That’s why organizations like COSA exist. We can be your guide. But to be clear, the window is closing fast, particularly as the world of sustainability rapidly shifts from voluntary standards to regulatory absolutes. We also know that consumer demand is increasingly predicated upon evidence. There’s excellent new McKinsey research backing that notion around brands making evidence-based claims. We also know climate change is changing everything from growing region suitability to yield curves, quality, and pest outbreaks. And we know what that will do, from forced migration to labor shortages and human rights impacts that follow.
If we don’t have data at the center, we don’t get to manage through that level of change and crisis in tea, coffee, cocoa, beef, palm, and more.
And to be clear, more regulation is soon coming to tea. We all know that it’s the next wave. Now it is the time to invest—not just for PR, although impact data and traceability lead to powerful authentic storytelling—for risk mitigation, resilience, and performance management.
In addition, we should be doing collaboratively as a sector, not just competitively, so we can compete on the things that matter. Then, we can put our collective money into investments for the future, not just backward-looking compliance.
COSA Timeline
Dan: Collecting rich data is essential to traceability, which is critical for credibility in marketing, right?
Liam: I couldn’t agree more. That’s where the curtain has been pulled back. There’s no more hiding. And that’s exciting. These are investments that need to be made in our future because if we’re not making them now, knowing what we know about population shifts, knowing what we know about climate, knowing what we understand about the geo-political risks, and what consumers are demanding, then brands, farmers, and entire industries will falter.
We must get around those corners. We must have scenarios that predict what’s coming. And if you’re not dealing with that or managing these issues using sound information systems or not learning in real-time, you’re missing out.
It’s plain and simple. There’s a place to play for people who want to learn.
That makes me so proud to be a part of an organization like COSA because we build bridges across governments, global brands, farmer organizations, and civil society to address that essential truth. We must know what we are solving for. How are we solving it? And how will we know if we’ve done it? The data speaks for itself. You can’t obscure it if you’re measuring the right things in the right way and embracing a commitment to continuous improvement–whether that’s financial performance for a value chain, social performance, environmental performance, or how those are all tied together. And so, for many of us, it is a new day, and I’m just so excited to be a part of it.
Share this post Episode 155 | Liam Brody, the new Committee on Sustainability Assessment CEO, explains COSA’s role in intelligence-gathering and developing strategic tools that advance sustainable practices with “good business” underpinnings. He also shares his vision of how artificial intelligence will revolutionize and influence consumer behavior and perception of sustainable practices. | 16 Feb 2024
Kaziranga World Heritage Park is one of the last unmodified natural areas in the north-eastern region of India. Covering 42,996 ha it is the single largest undisturbed and representative area in the Brahmaputra Valley floodplain.
Assam’s Kaziranga Park Offers Tea Tourism Option
Kaziranga National Park in Assam is set to offer visitors an immersive tea experience to guests. The Park saw 326,000 visitors in 2023 and is a popular destination in the northeast, especially as home to the largest one-horned rhinoceros population. The park is surrounded by tea gardens and communities and has been steadily adding more activities, such as safaris and cycling, to its offerings. With this new addition, they could well give tea a much-needed boost.
Save Small Tea Growers Forum Seeks Minimum Floor Price
In the Nilgiris, the Save Small Tea Growers forum representing 65,000 small grower families has asked for the minimum price of green leaf to be set to Rs 35/ kilo. Current prices hover at Rs 15/ kilo, with the cost of production at about Rs 25. Until the price is fixed, the forum has asked the government to create a corpus to ensure the farmers are paid a fair price.
North Bengal Tea Worker Allegedly Dies of Starvation
Down to Earth magazine reported that 58-year-old Dhani Oroan, who worked at Madhu Tea Garden, Alipurdar, passed away on 2nd February 2024. A fact-finding team visited his home the next day. As per their report, Oroan’s wife, whom they met, showed signs of extreme starvation. Neighbors confirmed that Dhani also had been malnourished. The report offers details of Oroan’s wife’s height, weight, and BMI, which are well below normal. Madhu Tea Garden was closed for seven years and reopened in December 2023. In this period, the Oroans had no access to supplies via the Public Distribution System because their papers needed to be digitized, and various government documents needed to be linked in the backend. The couple depended on neighbors for a meal a day. Oroan died of a seizure. He could not avail medical help as the garden hospital was not functional, and no one around could afford to transport him to the nearest hospital.
Share this post Nilgiris Small Farmers Seek Government Corpus | Assam’s Kaziranga Park Offers Tea Tourism Option | North Bengal Tea Worker Allegedly Starves to Death | Episode 155 | 16 Feb 2024
The UN FAO IGG Confederation of Tea Smallholders Will Relocate its Headquarters from China to India for the Next Four Years | Iran Tea Imports Plunge by 62% | Economists Forecast Higher but Stable Prices for Beverage Soft Commodities in 2024
Delegates from 44 countries (and 14 official observers) who attended The 25th Session of the United Nations Food and Agriculture Organization’s Intergovernmental Group on Tea (IGG Tea) on Jan. 31 expanded the organization’s mandate beyond trade aspects, ratifying initiatives addressing all three dimensions of sustainability – economic, social, and environmental. Peter Goggi, IGG TEA delegate representing the US as President of the Tea Association of the USA, discusses#TeaPower, a new health and wellness campaign, FAO’s ongoing support of smallholders, and the economics of oversupply.
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Peter Goggi, IGG TEA delegate representing the US as President of the Tea Association of the USA
UN FAO IGG Confederation of Tea Smallholders Relocates to India
By Dan Bolton
The headquarters and staff of the Confederation of International Tea Smallholders (CITS) will relocate from China to India for the next four years. Delegates to the 25th Session of the United Nations Food and Agriculture Organization’s Intergovernmental Group on Tea (IGG Tea) ratified the decision during their recently concluded three-day session in Guwahati. According to IGG Tea, smallholders hold a position of growing importance in the tea sector, where they cultivate 70% of the global acreage under tea. Smallholders pluck 60% of raw tea leaves and produce a sizeable amount of finished tea.
The announcement notes: “Their vitality and integral role within the tea supply chain cannot be overstated. Solving this sector’s issues is essential for the long-term viability and health of the tea industry, not to mention the farmers and their communities themselves.”
IGG delegates, one each from 44 producing countries and non-voting officials from 14 countries, praised the Government of India and the Assam government for their significant investment in the development of the small tea growers’ sector, citing the dedicated research and development work at the Tocklai Tea Research Center in Jorhat.
The federation (CITS) was established in May 2016 by delegates to the 22nd Session of FAO IGG on Tea meeting in Naivasha, Kenya. The federation was envisioned as “a forum for developing policies and solutions to strengthen the global tea smallholder sector by acting as a convener, catalyst, and resource to improve the consistency of tea policymaking on a global level.”
BIZ INSIGHT – Joydeep Phukan, Secretary of the Tea Research Association at Tocklai and Coordinator of the FAO IGG on Tea for India, told Tea Biz’s Roopak Goswami that “Moving CITS to India will synergize the efforts of federal and state governments as well as the Tea Board of India in bringing the global best practices to small tea growers of India.”
Iran Tea Garden in Lahijan, Gilan Province
Iran Tea Imports Plunge by 62%
One of the world’s top tea-drinking countries saw tea imports plunge 62% in value during the first ten months of the Iranian calendar year, which begins in March.
The Tasnium New Agency reported only $185.75 million worth of tea was imported from eight origins, according to the Islamic Republic of Iran Customs Administration. Volume declined to 33,683 metric tons as shipments from India dwindled.
Shortages have been reported, but the steep decline suggests that traditional suppliers are shipping more tea to surrounding countries where the non-tariff barriers to trade are lower.
Iran typically consumes about 21% of India’s annual tea exports. Indian traders report exports to Iran declined by 15.7 million kilos from January to October 2023. Tea exported from India is down overall, but shipments to Iran showed the most significant drop.
Indian producers say restrictions on Iran’s inability to trade in US dollars result from sanctions first imposed in 1979 and additional European sanctions imposed in 2010, are preventing timely payments. The higher transport cost in war-ravaged regions, including the Black and Red Sea, further complicated trade.
In November 2023, Iran halted tea imports at the request of Iran’s federal Inspection Organization. Investigators accused the CEO of Debsh Tea, the nation’s largest tea company and sole tea importer, of embezzling $3.4 billion in subsidies (about three trillion in local currency). Around $300 million is budgeted annually to purchase orthodox grades and tea for blending. Investigators became suspicious when that sum had tripled in recent years and eventually uncovered evidence of currency manipulation and fraud involving customs officials, members of the country’s central bank board, top executives in the food safety department, and office holders. The four-year scheme is the largest embezzlement in Iran’s history.
BIZ INSIGHT – Iranian tea exports also steeply declined by 12,828 metric tons. Value fell by 58% compared to the 2022 fiscal year ending March 2023. In the past, Iranian growers produced as much as 70,000 metric tons of tea to meet domestic demand. Iran still ships locally grown tea to 25 countries but at far smaller volumes than in the early 2000s. Tea exports peaked at 21,000 metric tons in 2000 before bottoming out at 4,500 metric tons in 2003 following the imposition of sanctions tied to nuclear development that continue to interfere with timely payments.
Tea is classified as a soft commodity, one of several grown in the tropics and delivered globally along supply chains similar to coffee, cocoa, sugar, and spices.
The sector has experienced three years of extreme volatility attributed to escalating geopolitical tensions, soaring pandemic-induced shipping costs, and adverse weather conditions.
Last week, the Economist Intelligence Unit (EIU) predicted risks would ease and prices would stabilize in 2024. In its “Commodities Outlook 2024,” EIU writes, “El Niño and the Russia-Ukraine war still loom large for soft commodities. Prices for food, feedstuffs, and beverages (FFB) will rise throughout 2024, driven primarily by beverages, as El Niño will hit production, and therefore, prices for coffee and cocoa will increase.”
In the section subtitled “Resilient Prices Amid Global Headwinds,” EIU writes there is “Some relief in sight, with the US National Oceanic and Atmospheric Administration (NOAA) giving a 72% chance that El Niño will end by mid-year. But the damage to this season’s harvests will already be done by then, with coffee and cocoa production forecast to fall by 9% and 13%, respectively, in the 2023/24 crop season.
At least the threat of a “historically strong” El Niño is waning significantly, according to NOAA. NASDAQ reports that (Intercontinental Commodity Exchange) Arabica coffee futures
ICE Arabica coffee futures rose to the highest price since 2011 in 2022 but closed in 2023 at $1.90 per pound, a 12.5% gain from the previous year.
ICE cocoa futures exploded 61.4% higher in 2023, closing the year at $4,196 per ton.
Energy prices, excluding crude oil, will trend downwards in 2024. Prices of hydrocarbons will largely trend in the opposite direction than those of most industrial raw materials and soft commodities, writes NASDAQ.
FEATURE
Peter Goggi with Arun Singh, Founder Trustee at Tea Vision Trust
Observations on Tea Oversupply
By Dan Bolton
“The IGG is a fabulous opportunity for all interested parties on a governmental level to talk about the tea industry,” says UN FAO IGG TEA Delegate Peter Goggi, president of the Tea Association of the USA. “It’s essential to express their views. They all have issues that they’re facing. The problems facing countries of origin differ significantly from those facing consuming countries. But ultimately, solutions that satisfy both need to be met,” he says, adding, “The overriding concern of all parties in this business is the lack of profit throughout the supply chain.” Read more…
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Peter Goggi, IGG TEA delegate representing the US as President of the Tea Association of the USA
Share this Post Episode 154 | The UN FAO IGG Confederation of Tea Smallholders Will Relocate its Headquarters from China to India for the Next Four Years | Iran Tea Imports Plunge by 62% | Economists Forecast Higher but Stable Prices for Beverage Soft Commodities in 2024 | PLUS UN FAO IGG Delegate Peter Goggi Discusses The Economics of Oversupply | 9 Feb 2024