Shell CEO Warns of 1 Billion Barrel Oil Shortage Due to Iran Conflict
Shell CEO Wael Sawan warned that the oil market is facing a shortage of nearly one billion barrels due to the conflict in the Middle East, with the gap deepening daily. He noted that it will take a long time to recover lost supply and that fuel shortages could affect some countries this summer. Jet fuel demand in the airline industry has dropped by about 5%.
Topics: CEO commentary fuel demand Middle East conflict oil market supply shortage