Shell Says Hormuz Blockade May Extend Oil and LNG Shortages
Shell Chief Executive Officer Wael Sawan said shortages of oil and liquefied natural gas caused by the blockade of the Strait of Hormuz are likely to last for months and could continue into next year. He said the outlook implies a tight balance between oil supply and demand next year.
Sawan also said Shell is entering an “inflection point” as conflict in the Middle East adds pressure on supply while energy demand continues to rise, contributing to a broader energy crunch.
From the sources (3 posts)
@firstsquawkSHELL'S CEO PREDICTS A 'TIGHT' BALANCE BETWEEN OIL SUPPLY AND DEMAND FOR NEXT YEAR.
@businessThe oil and liquefied natural gas shortages caused by the blockade of the Strait of Hormuz are likely to drag on for months and possibly into next year, Shell CEO Wael Sawan said
@bloombergtvShell is entering an 'inflection point’ according to CEO Wael Sawan as it faces rising pressure on supply from the conflict in the Middle East and growing demand for energy. Sawan discusses the company’s latest M&A and the global energy cru