TotalEnergies CEO Warns Global Economies Face Oil Crisis If Middle East War Lasts Six Months
TotalEnergies CEO Patrick Pouyanne warned that global economies would suffer severe impacts if the Middle East conflict extends beyond six months. Speaking to CGTN in Beijing, Pouyanne noted that Iran's closure of the Strait of Hormuz has trapped 10 million barrels of oil daily in the Gulf, with no alternative sources available. While the company can absorb a 3-4 month shock due to existing inventories, a six-month conflict would damage worldwide economies. The CEO emphasized the need for swift solutions to prevent global economic damage.