*Globe immersed in oil depicting global oil demand scenario.
OpeOluwani Akintayo
Lagos — The global oil market has lost 2 million barrels per day of crude supply due to security and political issues.
According to Total’s president of trading and shipping, Thomas Waymel, the issues that led to the loss in supply include U.S. sanctions on Venezuela and Iran, and disruptions in Saudi Arabia and Libya.
Saudi Arabia’s crude supply in September fell by 770,000 bpd to 9.02 million bpd, the lowest since 2011, following attacks on state oil giant Saudi Aramco’s facilities on Sept. 14, according to the International Energy Agency.
But “we can see that the concerns over slowing economy and demand are much more than such unexpected supply disruption,” Waymel said, adding that the impact of U.S.-China trade dispute was also not as big as slowing demand in the market.
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