THE ongoing conflict between the United States and Iran has caused more damage to global oil and gas markets than the prolonged Russia-Ukraine war, said Mike Wirth, highlighting the severity of disruptions in energy supply chains.
According to a report by Politico, Wirth cautioned that Iran’s attacks on oil tankers and the broader escalation in the Middle East have significantly impacted global energy markets.
The report stated, “Wirth cautioned that Iran’s attacks on oil tankers and the broader damage of the Middle East war did greater damage to oil and gas markets than the Russia-Ukraine war. Asian nations are running low on diesel and jet fuel. The war has held up deliveries of LNG, fertilizer and other products.”
Wirth noted that assessing the extent of the damage remains a challenge, as it is still unclear how much production has been shut and how severely key facilities have been affected.
He added that rebuilding global petroleum supply chains will be a major task even after the situation improves.
Speaking at the CERAWeek by S&P Global conference in Houston, Wirth said that the disruption has significantly impacted the flow of oil and gas into the market. — ANI
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