WSJ: Oil executives warn a global fuel crisis has arrived as Hormuz closure bites
Oil executives, including Chevron chief Mike Wirth, say a global fuel crisis has arrived as the Strait of Hormuz closure drains fuel stocks and reserves…
WSJ: Oil executives warn a global fuel crisis has arrived as Hormuz closure bites
Oil executives, including Chevron chief Mike Wirth, say a global fuel crisis has arrived as the Strait of Hormuz closure drains fuel stocks and reserves. Diesel and petrol prices have surged. The White House insists the disruption is temporary <insert LOLZ here>.
The article points to a market entering a more acute phase of the supply squeeze rather than a fresh shock, with executives framing prior buffers, strategic reserves, Chinese stockpile drawdowns and various workarounds, as largely exhausted. Crude near $101 a barrel, up sharply over the past three weeks, alongside record diesel prices and a rebound in petrol, suggests the refined products market is tightening faster …