Shell CEO Warns Iran Conflict Could Cripple Fuel Supplies Before Oil
The world’s supply of fuel is tightening in South Asia and will soon get squeezed in Northeast Asia, with Europe set to begin seeing shortfalls in April due to the Iran war, Shell CEO Wael Sawan said. Shell has alerted governments to discuss various levers they can pull to decrease demand, purchase supplies and utilize stored stockpiles of fuel, Sawan said Tuesday at the S&P Global CERAWeek energy conference in Houston. Supplies of those products--which must be processed in an oil refinery from raw crude oil--are arguably more threatened than oil supplies.