The oil crisis is deeper than prices show: experts spoke about the real scale of supply disruptions
фото: Reuters
In the US, during an energy conference in Houston, executives of leading oil and gas companies said that the market is not reflecting the true extent of supply disruptions due to the war with Iran. According to their estimates, the effects of the crisis will be long-lasting, and prices are unlikely to return to pre-war levels in the near future.
This is reported by CNBC .
Energy executives have stressed that supply disruptions are much greater than current market prices indicate, noting that the situation is affecting not only oil but also other fuels, including diesel and jet fuel.
“You can’t just take away 8-10 million barrels per day of oil and about 20% of the liquefied natural gas market without serious consequences,” said ConocoPhillips CEO Ryan Lance.
Market participants say the shortage is already spreading across Asia and could reach Europe as early as April, with governments stockpiling supplies, further straining global supply chains.
“This is an attack not only against the Gulf countries, but also against the global economy,” said Sheikh Nawaf al-Sabah, CEO of Kuwait Petroleum Corporation.
It is also noted that the closure of the Strait of Hormuz has significantly affected the physical volume of energy supplies. According to experts, these consequences have not yet been fully reflected in oil prices.
“There are real physical consequences of closing the strait that are not yet fully priced into futures prices,” said Chevron CEO Mike Wirth.
Analysts are also comparing the current situation to the 1973 oil crisis, underscoring the scale of the impact on the global economy. At the same time, company executives warn that even if the conflict ends, prices will remain high due to the need to rebuild inventories.
“Oil prices are unlikely to return to pre-war levels anytime soon,” said Ryan Lance.
As a reminder, attacks on energy infrastructure in the Persian Gulf have sharply increased oil and gas prices and could trigger a worst-case scenario for the global fuel market . Bloomberg analysts warn that the escalation of the conflict has already changed the balance in the market. Brent oil has risen sharply: on March 18, it exceeded $111 per barrel for the first time, and the next day it approached $119.
As reported, the world is approaching a large-scale gas crisis due to the shutdown of key facilities in Qatar and the blockade of the Strait of Hormuz. This concerns the shutdown of the world’s largest liquefied natural gas plant, Ras Laffan, which stopped operating after attacks by Iranian drones.
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