Shell CEO says oil market is short nearly 1 billion barrels due to Iran war and the hole deepens every day

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The oil market faces a shortage of nearly one billion barrels that will only get worse every day the conflict in the Middle East drags on, Shell

CEO Wael Sawan told investors Thursday.

“The hard facts are we have dug ourselves a hole of close to a billion barrels of crude shortage at the moment, either because of locked in barrels or unproduced barrels,” Sawan said during the London-heaquartered oil producer’s first-quarter earnings call.

“And of course, that hole is deepening every single day so the journey back will be a long one,” Sawan said.