SEATTLE (Oil Monster): According to Mike Wirth, Chief Executive, Chevron Corporation, the world natural gas market has changed fundamentally for the long term than the oil market, after Russia’s invasion of Ukraine. The remark was made during an interview with Daniel Yergin, Vice Chairman, S&P Global on the sidelines of the recently held CERAWeek energy conference in Houston.
The Chevron Chief noted that the conflict between Russia and Ukraine and the subsequent sanctions imposed by the Western countries have upended global oil and natural gas markets and disrupted supplies from Russia. As a result, Europe no more relies on Russia for its gas supplies. This situation is unlikely to change in the near future. The disabled Nord Stream pipeline would make the changes long-lasting, he added.
The Russian oil continues to reach the market, but at a higher cost, as ships are forced to travel longer distances to fill them with Russian crude and fuel to countries that have not imposed sanctions. Consequently, the oil market is currently witnessing tight logistics and id found vulnerable to unexpected supply disruptions. The task of maintaining secure and affordable supplies alongside ensuring energy transition to the low-carbon industry is a great challenge, Wirth noted.
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