Environment and Energy
Oil Shock Far From Over: Energy Giants Warn Global Fuel Supplies May Stay Tight for Months After Iran Deal
Energy executives warn that global oil supplies will remain tight for months even if the U.S. and Iran reach a peace deal, as it will take weeks for shipments to resume from the Middle East. TotalEnergies CEO Patrick Pouyanne estimates 500 million barrels have been consumed from stockpiles due to 10-13 million barrels per day draws. Global inventories are expected to drop to 98 days of demand by end of May, with Rystad Energy projecting total losses of 1.2-2.0 billion barrels by normalization.