How the big oil and gas CEOs think the Iran war supply disruption will play out

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HOUSTON — The CEOs of the world’s most influential oil and gas companies delivered a sobering message this week about the impact of the Iran war on energy supplies and the long-term consequences for the global economy.

The executives gathered in Houston, Texas, for S&P Global’s annual CERAWeek energy conference to take stock of the war. They warned that the market is not reflecting the scale of the disruption to oil and gas supplies.

Asia and Europe will face fuel shortages if the war drags on, the executives said. Oil prices are likely to remain high even if the conflict ends as countries restock depleted reserves, they said.

“You just can’t take 8 to 10 million barrels a day of oil and 20 or so percent of the [liquefied natural gas] market off the world stage without having some significant repercussions,” ConocoPhillips