""If you look at the unprecedented disruption in the world's supply of oil and natural gas, the market hasn't seen the full impact of that yet. So there's more to come if the strait remains closed.""
""There were lots of waterborne deliveries already on their way during the first month or so of the war, so those volumes temporarily kept supplies coming. But those are gone now, and commercial and national inventories are being drawn down each day.""
""It's early to have long-term spending changes when so many question marks from the war remain.""
Darren Woods, CEO of Exxon Mobil, predicts rising crude oil and fuel prices due to the blockade of the Strait of Hormuz. Both Exxon and Chevron anticipate significant profit increases in the second quarter despite disruptions in Middle Eastern operations. First-quarter profits exceeded expectations but showed a year-over-year decline due to lower oil prices and operational challenges. Woods emphasized that the market has not yet felt the full impact of the ongoing war in Iran, which has disrupted nearly 20% of global oil and LNG flows.
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]