Shell’s chief executive forecasts sustained upward pressure on oil prices due to growing demand and supply challenges post-conflict.
Shell CEO Wael Sawan expects oil prices to continue climbing even after the Middle East conflict ends, citing persistent global demand growth. Brent crude has already surged over 50% this year, rising from $60 to more than $90 a barrel, though it remains below the $120 peak seen earlier in the war.
The CEO warned that meeting future demand will require new supply investments to offset declines in legacy oil fields. While current supply levels may suffice once the Strait of Hormuz reopens, long-term production challenges could sustain upward price pressure.
Sawan’s outlook contrasts with market expectations of a post-war price decline, suggesting oil stocks may benefit from prolonged strength in crude markets.