During the Energy Intelligence conference in London, Amin Nasser emphasized the significant impact of the U.S.-Iran war on global oil supplies, particularly through the Strait of Hormuz, which is crucial for transporting about 20% of the world's oil and liquefied natural gas.
He noted that nearly 3 billion barrels of oil supply have been lost since military actions began in late February, while only 1 billion barrels have been released from emergency stocks. Nasser indicated that the remaining 6 billion barrels in storage are not readily available, suggesting that the oil market is under considerable strain.
His remarks come in the context of the G7's recent decision to release 100 million barrels from reserves to alleviate supply issues. Following this news, oil prices saw a slight decline, with Brent crude futures at $102.20 per barrel and West Texas Intermediate futures at $90.64, reflecting the ongoing volatility in the market as exports from the Middle East increase