The Chief Executive Officer of the Chamber of Oil Marketing Companies (COMAC), Dr Riverson Oppong, has described the current disruptions to major global oil supply routes as unprecedented, warning that they could have serious consequences for global energy supplies.

Speaking on Channel One TV’s The Point of View on Monday, September 14, Dr Oppong said the disruption of crude oil flows through the Strait of Hormuz, combined with attacks affecting other major supply sources, was putting significant pressure on oil producers.

“Never ever have we experienced such an outlook ever in history, where two major sources, the Caspian source and the Strait of Hormuz, or the Gulf source, have both been attacked,” he said.

He said the disruptions could soon leave Gulf producers with limited options for storing crude, forcing them to reduce production by as much as 60%.

“Very soon, the Gulfians are going to reduce crude oil production by 60%. They have no choice because they’re going to produce, they’re not going to have any place to store it because of this shutdown,” he said.

Dr Oppong said the situation had also affected refinery operations in the Middle East, with diesel production declining.

“The refinery throughput today in the Middle East has shortened by 110. So it tells you that even diesel production within the Gulf itself has shrunk with the September data we are gathering now,” he said.

He further warned that disruptions to Russian diesel and petrol flows were adding to the pressure on global energy supplies.

The Strait of Hormuz is a major route for the movement of crude oil and liquefied natural gas. Disruptions to the route, together with attacks on Saudi oil infrastructure and other supply routes, have tightened global supply and pushed oil prices higher.

Dr Oppong said the combined disruptions could have serious consequences for countries that depend heavily on imported petroleum products, including Ghana and other African countries.