Shell CEO Says Oil Market Faces Nearly 1 Billion Barrel Shortage Due to Iran War
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Shell CEO Wael Sawan announced that the global oil market is facing a shortage of nearly 1 billion barrels of crude due to the ongoing conflict in Iran. He noted that the supply deficit is worsening daily, with significant volumes lost through locked-in or unproduced barrels. The impact is already visible in the refining market, particularly affecting sectors like aviation. The future demand weakness remains uncertain and will depend on the conflict's evolution. Disruptions linked to the Iran conflict have affected up to 15% of global crude supplies.
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