economy
Europe Could Face Fuel Shortage by April as Iran Throttles Supplies, Says Shell Boss
Wael Sawan warns of pressure on diesel and petrol if Strait of Hormuz does not reopen to oil and gas shipping
TL;DR
- Shell CEO Wael Sawan warns of potential energy and fuel shortages in Europe by April.
- The crisis is attributed to the closure of the Strait of Hormuz, affecting oil and gas deliveries.
- Jet fuel prices have doubled, and diesel and petrol could be next to face pressure.
- Germany's economy minister expressed similar concerns and called the nuclear phase-out a mistake.
- BlackRock CEO Larry Fink predicts a global recession if oil prices remain elevated.
- The UK government states it has diverse and resilient energy supplies and is working with international partners.