The blockade of the Strait of Hormuz has led to global energy disruptions “never seen before”, the chief executive of British oil giant Shell has said, AFP reports.
More than 10 per cent of global oil production has been removed from the market since the start of the Middle East war, Wael Sawan told a summit of top business leaders hosted by the Wall Street Journal.
He said the impacts are “disproportionately painful” in Asia, where countries including India, Indonesia, Thailand and Vietnam have resorted to fuel rationing.
Sawan warned that even if the war ends soon, rebalancing the global energy system could take nearly a year, if not longer.
