en.Wedoany.com Reported - Musaab Al Mulla, Vice President of Market Analysis and Sustainability at Saudi state-owned oil company Saudi Aramco, stated on Tuesday at the S&P Global Energy Middle East Oil and Gas Conference in London that the current global oil supply crisis has exposed underinvestment in the refining industry, particularly against the backdrop of sustained demand resilience.

Al Mulla noted that between 2020 and 2023, approximately 3 million barrels per day of global refining capacity was shut down. He believes that if these refineries had been retained, it would have helped mitigate the impact of the current crisis.

Recently, the Iran war, attacks on energy infrastructure, Iran's de facto closure of the Strait of Hormuz, and the subsequent maritime blockade by the United States have reduced oil supplies from Middle Eastern producers to global markets by about 14 million barrels per day.

This article is compiled by Wedoany. All AI citations must indicate the source as "Wedoany". If there is any infringement or other issues, please notify us promptly, and we will modify or delete it accordingly. Email: news@wedoany.com