Strait of Hormuz Closure: Largest Oil Supply Shock Ever or Ho Hum
The closure of the Strait of Hormuz due to the Iran War represents the largest supply shock to the world’s oil trade with 20% of world supply disappearing overnight. Yet oil prices only managed to get into triple digits for short periods of time. The doomsayers predicted severe economic consequences by June. What happened and are we out of the woods? Closure also had significant impacts on LNG, Nitrogen, Sulphur, and Helium. What happened to those key foundational elements of modern society?
Bio: Mike Weill holds a Bachelor of Science in chemical engineering (1979) from Cornell University. After Cornell Mike has spent his entire career in the upstream oil and gas business. First at Shell Oil Company, then BHP Petroleum and various consulting roles. He retired as President Operations and Technology for BHP.
These roles included roles in strategy development, operations, project development, gas commercialization and new business development. Mike was responsible for the development of BHP’s businesses in the deepwater GOM and Australia, and shallow water Trinidad. Other responsibilities included the operated production in Australia, the Bass Strait fields, and the development of a gas business in Pakistan.
Weill recently retired from the Board of Directors of Enerflex, Ltd after 14 years.