Slow recovery of oil and gas supplies - Energy experts warn after US-Iran deal
Energy experts say it will be months before energy companies can resume operations and meet global demand. The slow pace of crude oil transportation and refining, coupled with uncertainty over safe passage through the strait, means any relief will not be immediate, they said.
Ships loaded with crude oil have been stranded in the Persian Gulf for more than three months, unable to safely travel through the waterway, through which about a fifth of the world's oil and gasoline supplies usually traveled before the war began.
However, oil prices fell early Monday after the deal was announced. Brent crude, the international benchmark, fell $3.45 to $83.89 a barrel. U.S. crude lost $4.03 to $80.85 a barrel. Those prices are still well above the roughly $70 a barrel at which oil was trading before the war.
Experts explain that oil tankers move slowly. It takes months to travel from the strait to distant locations, deliver the crude oil to a refinery for processing, and then arrive at its final destination. In addition, some producers in the Middle East stopped pumping oil from the ground, known as a shutdown, when storage space ran out. Resuming those operations could be a slow process.
Countries such as Saudi Arabia and the United Arab Emirates, where there are pipelines or alternative routes besides the Strait of Hormuz to transport oil, could be among the fastest to resume production.
According to experts, countries that stop oil production will not want to resume until they know that there is a stable and stable situation in the strait and that a ceasefire will last more than 30 or 60 days.
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