Fuel Supply Under Threat as Global Oil Routes Face Major Disruptions
The Chief Executive Officer of the Chamber of Oil Marketing Companies (COMAC), Dr. Riverson Oppong, has raised concerns over global fuel supply security amid disruptions to key oil routes. Speaking on the issue, Dr. Riverson Oppong explained that supply disruptions around the Iranian zone and the Strait, coupled with surging demand and constrained supply, are driving fuel price increases and causing shortages, even in countries with the financial capacity to purchase petroleum products. He said disruptions to crude oil transportation routes, including those passing through Oman, have further compounded supply challenges following recent attacks in the region. “To now transport the crude oil from the other side facing the Strait or the Iranian zone towards the Black Sea. What was happening also was the fact that Oman also became a transit point, but with the bombing that has happened now in Saudi, that has really brought a very huge disruption on supply challenges.” Dr. Riverson Oppong added that the disruption has also affected evacuation plans through Oman, further widening the gap between global fuel demand and available supply. “That means that even the evacuation plan that was passing three way to Oman has also been boycotted today and that is why indeed demand is absurd against the supply, hence the price that we see.” He warned that continued disruptions along major oil routes could put further pressure on global petroleum supplies and prices.
