The shortage of oil and natural gas caused by the blockade of the Strait of Hormuz is likely to drag on for months and possibly into next year, the CEO of Shell, Wael Sawan, tells Bloomberg TV.
“We’re talking about roughly 900 million barrels that haven’t been produced in the last few months and have instead been replaced by inventory,” he says, adding:
“We’re now reaching some relatively low levels. We’re talking about constraints on demand in certain areas. And we’re talking about fuel switching.”
Sawan’s comments underscore the severity of the energy shock that has hit the global energy sector in the wake of President Donald Trump’s war with Iran, which began in late February.
About 20% of the world’s oil and natural gas cannot pass through the Persian Gulf, forcing countries like Iraq, Kuwait, and Qatar to shut down production and pushing customers—especially in Asia—to compete for supplies elsewhere by driving up prices.
“It’s leaving a deep mark—and not just on oil,” says Wael Sawan, noting that liquefied natural gas (LNG) is also at stake.
Earlier this week, Shell agreed to buy Canadian shale producer ARC Resources for USD 13.6bn in the energy giant’s largest deal in more than a decade.
The acquisition will support production growth through 2030 and help supply their LNG Canada facility, which exports natural gas to Asia.
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