TotalEnergies CEO Warns of Depleted Oil Inventories Amid Ongoing Conflict
According to TotalEnergies' CEO Patrick Pouyanne, global oil inventories have dropped by over 500 million barrels since the war with Iran began. The depletion is occurring at a rate of 10-13 million barrels per day and may continue even after the Strait of Hormuz reopens.
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Topics: global supply chain inventory depletion oil prices Strait of Hormuz closure