Torbjorn Tornqvist, co-founder and chairman of independent oil trader Gunvor, stated that the ongoing conflict in the Middle East will not affect global oil supply. He emphasized that the market is more concerned about slowing oil demand growth.
Oil supply from the Middle East will not be impacted by the conflict in the Middle East, according to Torbjorn Tornqvist , co-founder and chairman of one of the world’s biggest independent oil traders, Gunvor . “I’m very confident that this will not have any impact at all on oil supply ,” Tornqvist said at the Energy Markets Forum in the UAE on Tuesday, commenting on the conflict in the Middle East.
Early on Tuesday, both benchmarks, Brent and WTI, were down by about 1% as persistent concerns about demand and large spare production capacity at OPEC were overshadowing risks to supply from the Middle Eastern conflict. Many analysts believe that the Middle East geopolitical premium is already baked in in the price of oil. “The oil market’s response to developments in the Middle East over the weekend has been somewhat muted.
Oil Supply Middle East Conflict Torbjorn Tornqvist Gunvor Demand Growth
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