Europe may encounter an oil shortage by the end of May as global crude inventories decline faster than anticipated, according to CNBC. Jeff Currie, Co-Chair of the Abaxx Commodity Exchange, highlighted that while the oil market seems stable, the supply system is under severe strain, risking physical shortages. Currie warned of a potential nonlinear surge in oil prices once inventories are exhausted. Analysts from Société Générale echoed these concerns, describing the market's stability as a "veil," with underlying systems "extremely fragile." The ongoing restrictions in the Strait of Hormuz, a critical passage for global oil shipments, exacerbate the situation. If delays persist, oil prices could soar to $150 per barrel, with elevated levels expected throughout the year.
Europe Faces Imminent Oil Shortage as Inventories Deplete Rapidly
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