Oil Market Turmoil May Last Years on Supply Woes, Executives Say
Global oil prices may remain elevated beyond this year due to persistent shipping bottlenecks, significant cuts in refinery output, and inventory draws that could take years to replenish, according to industry executives speaking at a London conference.
Shipping bottlenecks, deep refinery output cuts and inventory draws that may take years to replace will keep global oil prices elevated beyond this year, industry executives said at a conference in London on Monday. After the start of the US-Israeli war on Iran at the end of February, Iran effectively cut oil imports from the Persian Gulf and the region saw a surge in offshore storage and shipping demand, executives said.