Oil market braces for a near-billion-barrel hole as Iran conflict disrupts supply
TL;DR Summary
Shell CEO Wael Sawan says the war in the Middle East has created roughly a 1-billion-barrel hole in global crude, about 12% of the world’s supply, and recovery will be long; jet fuel demand is down about 5%, and executives warn that oil flows may take weeks to months to normalize, with some countries potentially facing shortages this summer as the Strait of Hormuz remains a critical chokepoint.
- Shell CEO says oil market is short nearly 1 billion barrels due to Iran war, and the hole deepens every day CNBC
- Shell Reports Nearly $7 Billion Profit Amid ‘Unprecedented Disruption’ The New York Times
- Shell’s profits jump as Iran war delivers windfall Financial Times
- Shell CEO on Oil Market: ‘Volatility Has Created Opportunities’ WSJ
- Shell profits rise as Iran war pushes oil prices higher BBC
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