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The East-West Pipeline provided a different path, enabling Riyadh to ship oil while avoiding the war zone; nonetheless, after the assault, supply levels decreased by at least 2.5 million barrels per day.
The US-Iran conflict has pushed diesel prices in the US to a historic $6.23 per gallon, and gasoline prices have also increased to $4.32, according to the WSJ. Washington aims to alleviate market strain by boosting production in Venezuela and enhancing refining capabilities.
"The methods that might have alleviated supply and price risks are mostly depleted, and the system lacks the reserves it possessed at the beginning [of the conflict with Iran]," emphasizes Chevron CEO Mike Wirth.
The WSJ reports that the global fuel market is facing additional complexities due to assaults on tankers and heightened oil purchases by China after its stockpiles were exhausted. Moreover, diesel availability is limited because of refinery closures resulting from conflicts in the Middle East and Ukraine.
source: wsj.com
The US-Iran conflict has pushed diesel prices in the US to a historic $6.23 per gallon, and gasoline prices have also increased to $4.32, according to the WSJ. Washington aims to alleviate market strain by boosting production in Venezuela and enhancing refining capabilities.
"The methods that might have alleviated supply and price risks are mostly depleted, and the system lacks the reserves it possessed at the beginning [of the conflict with Iran]," emphasizes Chevron CEO Mike Wirth.
The WSJ reports that the global fuel market is facing additional complexities due to assaults on tankers and heightened oil purchases by China after its stockpiles were exhausted. Moreover, diesel availability is limited because of refinery closures resulting from conflicts in the Middle East and Ukraine.
source: wsj.com
