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Sanjay Acharya
"Anticipated demand for the latter part of the year is projected to be around 2 million bpd greater than in the initial half. Replenishing commercial and strategic reserves to levels prior to the conflict will greatly boost oil demand up to 2027 and possibly further. To clarify, if the Strait of Hormuz were to open now, it would take as long as 18 months, with production at 2.1 million bpd exceeding demand, to restore depleted reserves," he stated.
Nasser mentioned that governments globally are evaluating the construction of extra storage facilities for strategic oil reserves.
"All parties we are in talks with are looking at the possibility of constructing more storage capacity to manage these disruptions over the long haul. Energy security is increasingly gaining importance. (...) We're in talks to assess the duration required for constructing these extra storage facilities and our capability to provide product for storage," he added.
Concurrently, the leader of Saudi Aramco stressed that the 2.1 million bpd of extra demand over the upcoming 18 months he referred to is exclusively for restoring diminished reserves in current storage sites.
source: reuters.com
Nasser mentioned that governments globally are evaluating the construction of extra storage facilities for strategic oil reserves.
"All parties we are in talks with are looking at the possibility of constructing more storage capacity to manage these disruptions over the long haul. Energy security is increasingly gaining importance. (...) We're in talks to assess the duration required for constructing these extra storage facilities and our capability to provide product for storage," he added.
Concurrently, the leader of Saudi Aramco stressed that the 2.1 million bpd of extra demand over the upcoming 18 months he referred to is exclusively for restoring diminished reserves in current storage sites.
source: reuters.com
