Lates News

Jorge Leon, Senior Vice President and Director of Geopolitical Analysis at Ristad Energy, said, "While alternative facilities in the Middle East can be used to bypass the Strait of Hormuz for transportation, the net impact is still equivalent to effectively reducing oil supply by 8-10 million barrels per day, while global total oil demand is about 100 million barrels per day." "If the risk of interruption in strait transportation continues, countries with strategic oil reserves may take action to release reserves. Unless there is a quick signal of easing, we expect a significant increase in oil prices early in the week."