The CEO of Gunvor, Torbjorn Tornqvist, stated that the sanctions imposed on Russia and Iran by Western countries have led to a record volume of oil stored on ships, a situation without precedent that prevents the emergence of a massive surplus in global markets. The European Union, the United Kingdom, and the United States have imposed sanctions that have maintained market stability and reduced price volatility, although a significant portion of production remains blocked. Tornqvist warned that, in the event of a sudden lifting of sanctions, the market could face a major supply surplus. Additionally, the CEO of the Mercuria group, Marco Dunand, estimated that global oil supply could exceed demand by up to 2 million barrels per day next year, although sanctions could partially limit this surplus. Global inventories are low, but the amount of oil at sea is high, suggesting that the supply excess will gradually form and affect the market in the coming months.
Sources
Latest News
07:39
Superliga: Dinamo – Farul Constanţa 4-0 / Dinamo returns to the top of the standings
07:24
Traian Băsescu urges Siegfried Mureșan to do a "Romanian-style deal": “Given the reputation that Sigfried Mureșan has in Brussels, within the EPP, I am convinced that if he makes a small agreement with AUR, there will be no political problem whatsoever.”
07:09
No surprise in Russia’s parliamentary elections. Exit poll – Putin’s party wins decisively
23:03
Meteorologists announce strong winds in 13 counties and a significant cooling, with rain and snowfall in the mountains until Thursday
22:57
Zelensky and Trump have agreed to meet in New York / “The meeting could change many things”
See more news