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ReportedShipping, energy & marketsWall Street Journal CEO summit, United States

Shell's chief executive says the Hormuz closure is causing disruption 'never seen before'

Mountain Time
Local time
9:59 AM in New York
Where
Wall Street Journal CEO summit, United States

Shell CEO Wael Sawan told a Wall Street Journal summit that more than 10 percent of global oil production and about 20 percent of global LNG output had been knocked offline since the war began, and that the disruption was 'particularly acute in Asia', with Vietnam, Indonesia and Thailand rationing fuel and Pakistan and the Philippines moving to four-day working weeks.

Why it matters

Asked when Hormuz might reopen, he said it was 'very difficult to call'.

Sources (3)

Confidence: Published by a named news organization. Not yet independently confirmed. About confidence labels

Correction

  • Corrected the headline (it read "Shell CEO says Hormuz disruption is unprecedented"); revised the summary; revised the context note; corrected the location from Wall Street Journal CEO summit / Strait of Hormuz energy markets to Wall Street Journal CEO summit, United States; reclassified it from market to energy-markets; updated the sourcing note; added a source: The Guardian live blog. Why and evidence
Hormuz energy-risk board labeled Shell Shocked with oil, LNG, tanker lanes, and shipping-risk gauges.
The chokepoint turns corporate understatement into a market alarm. Illustration, not a photograph or evidence.