Shell CEO Says Blockade May Mean Energy Shortages Last Into 2027

The oil and liquefied natural gas shortages caused by the blockade of the Strait of Hormuz are likely to drag on for months and possibly into next year, Shell Plc Chief Executive Officer Wael Sawan said.

“We are talking about roughly 900 million barrels that haven’t been produced in the last couple of months and that’s been replaced essentially by stock drawdown,” Sawan said in an interview with Bloomberg TV. “We’re now starting to reach some relatively low levels. We’re talking about demand curtailment in certain areas. We’re talking about fuel switching.”