Middle East oilfield shutdowns could sustain high prices
after close1 source ↓written by the desknot a recommendation
- have been lost
- 15 million barrels
The shutdown of the Safaniya oilfield in Saudi Arabia, a major producer of Arabian heavy crude, threatens to exacerbate the global energy supply shock. With Iran's actions blocking a fifth of the world's oil exports through the Strait of Hormuz, 15 million barrels have been lost from the market. This situation may keep oil prices elevated for consumers and businesses alike.
Not investment advice. For informational purposes only.