Shell Warns Global Oil Market Faces 1 Billion-Barrel Crude Supply Gap
Shell warned the global oil market is facing a growing crude supply shortage of nearly 1 billion barrels, with Chief Executive Officer Wael Sawan saying the gap is widening daily.
The company said it is seeing difficulties sourcing crude for refineries, while a jet-fuel supply squeeze is causing some demand curtailment. Shell also said tight supply is driving higher prices and weakening refining margins, though upstream and gas operations are expected to offset some of the pressure.
From the sources (3 posts)
@hfi_researchShell, Vitol, Trafigura The 3 largest physical oil traders in the world validated the supply loss numbers.
@oilheadlinenewsSHELL CEO WARNS OF 1 BILLION-BARREL CRUDE SUPPLY GAP
@staunovoShell sees difficulties sourcing crude for refineries, jet fuel supply squeeze causing some demand curtailment - CEO Shell #oott