Oil executives: Global fuel crisis already underway amid prolonged Hormuz blockade — Bloomberg

Heads of major oil companies say a large-scale fuel crisis has already begun as the blockade of the Strait of Hormuz drags on.

Trump administration officials insist the disruptions to the oil market are temporary, but experts at Chevron and other companies warn that strategic reserves are nearly depleted, with no signs of improvement in sight.

A recent strike on a pipeline in Saudi Arabia has made things worse, knocking at least 2.5 million barrels per day off the global oil market.

Experts warn that without a visible resolution to the conflict with Iran, the situation risks spiraling out of control.

China is partly fueling the global supply deficit. The world’s largest oil importer covered nearly half its daily consumption from its own crude reserves for months, giving oil markets some breathing room — but analysts say in recent weeks Beijing has resumed larger purchases from international suppliers.