Energy shortages could hit Europe by next month, Shell CEO Wael Sawan said this week, adding that securing adequate energy supply was critical to national security.
Countries cannot have national security without energy security, Sawan said, adding that Shell was trying to work with governments to help them address the energy crisis, including with storage and purchasing.
The Middle East conflict, now in its fourth week, has already affected supplies of jet fuel, with diesel set to be next, followed by gasoline as summer driving season gets underway in the Northern Hemisphere, Sawan said.
The war has damaged major energy facilities and nearly halted shipping through the Strait of Hormuz - which handles about 20% of global oil and liquefied natural gas flows.
"South Asia was first to get that brunt. That's moved to Southeast Asia, Northeast Asia and then more so into Europe as we get into April," he said while speaking at the CERAWeek conference in Houston, Texas.
Germany's Economy Minister Katherina Reiche also warned that energy supply scarcity could occur in late April or May if the conflict continues.
Full story Energy shortages in Europe could hit by next month, warns Shell CEO | Reuters
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