The global oil market is in the midst of its biggest crisis since the Second World War, with supply losses from the Middle East conflict exceeding 2bn barrels. The industry has proved remarkably resilient over the past seven and a half months, but the mechanisms for getting cargoes to consumers are becoming increasingly costly and inefficient, while inventories continue to decline.
“Across the world, energy systems are being tested. Supply routes have been disrupted, infrastructure has been attacked, and supply chains have been strained,” Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman told the WPC Energy Congress in Riyadh on 12 October (MEES, 16 October). (CONTINUED - 975 WORDS)
