The World Is Losing 100,000,000/barrels of oil per week

[gab13by13]

Saudi Aramco CEO Amin Nasser warned Monday that the world is losing approximately 100 million barrels of oil per week. Tanker traffic through the Strait of Hormuz has collapsed due to the Iran war, from 70 vessels per day to 2-5. The International Energy Agency announced its largest coordinated strategic reserve release in history — 400 million barrels from 32 member states. The U.S. authorized the release of 172 million barrels from the Strategic Petroleum Reserve. Reuters-polled analysts now expect oil demand to outpace supply by 750,000 barrels per day this year. Just months ago, they forecast a surplus of 1.63 million barrels per day. IEA Executive Director Fatih Birol said strategic reserve releases "will only help to reduce the pain" rather than solve the supply crisis.

The release of strategic crude oil is only a Band-Aid

How much longer can they manipulate the price of crude?

[OAITW r.2.0]

1. Wait till you see what happens when real rationing hits. Happening within weeks.

[gab13by13]

2. The shit is going to hit the fan

if Hormuz isn't reopened in 7 weeks.

[NickB79]

3. Gonna get the gardens planted over the next week or two

Better put in some extra veggies, and stock up on canning supplies.

[Disaffected]

4. Silver lining...

Climate benefits - both immediate and future even if strait opens due to delay in restoration of production and, (hopefully) altered consumption patterns such as faster moves to renewables.

I'm hoping the price of fossil fuels remains permanently elevated. Maybe it will persuade folks to ditch their gas guzzling pickups and SUVs and turn down their thermostats a bit.