Ukraine is not facing an oil shortage, says expert
13 March 11:38
Despite the escalating situation around the Strait of Hormuz, through which about one-fifth of the world’s oil passes, the risk of energy shortages remains low at this time. The market situation may become clearer in the coming days.
This was stated by Mikhail Gonchar, an expert on international energy and security relations, in an interview with the YouTube channel "Komersant Ukrainian".
According to the expert, the main problem at the moment is not the physical blockade of the strait, but the unwillingness of shipowners to take risks due to the lack of insurance coverage for military risks. That is why dozens of tankers are forced to stay in ports and not go to sea.
“Yes, the tankers are stuck. But this cannot go on indefinitely,” he says.
Gonchar notes that the situation may stabilize after the US and Israeli military forces reduce the threats to shipping in the region. Therefore, the current sharp rise in oil prices is largely due to expectations and panic forecasts.
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“There is no economic basis for high oil price growth,” Gonchar believes.
He also stressed that apocalyptic predictions of record oil price increases often do not come true, as there is currently a surplus of raw materials on the world market.
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The expert also advised Ukrainians not to panic and not to stock up on fuel in large quantities.
“There is no need to panic. It is enough to have a full tank of fuel in your car. That is normal,” Gonchar advises.
