How long will the global energy crunch last?
France 24
F
France 24
Original Source
Energy market analysts expect elevated oil prices to persist until flows through the Strait of Hormuz normalize, with damaged infrastructure and soaring shipping costs compounding medium to long-term pressures on global energy markets.
Jim Burkhard, Vice President and Head of Research for Oil Markets, Energy and Mobility at S&P Global, says elevated oil prices are here to stay. "It's the new normal until flows are normalised out of the Strait of Hormuz. There's no replacing the Middle East as a source of supply."
He says damaged infrastructure and high shipping costs are also part of the medium to long-term challenge. "You also have a refining issue, which is not confined to the Middle East (...) you've gone from $60,000 as the daily rate for one of these [oil] tankers to over a million. So the transportation costs have gone up – it's really stunning."
He says damaged infrastructure and high shipping costs are also part of the medium to long-term challenge. "You also have a refining issue, which is not confined to the Middle East (...) you've gone from $60,000 as the daily rate for one of these [oil] tankers to over a million. So the transportation costs have gone up – it's really stunning."
🔗 Share Article
Tags:#أسعار النفط#الطاقة العالمية#مضيق هرمز#الشرق الأوسط#أزمة الطاقة#الناقلات النفطية
Source: France 24
For Context
Related reads from the same topic or latest developments
