Phillips 66 CEO says oil supply won't just snap back after Iran conflict [Yahoo! Finance]
Phillips 66 (PSX)
Last phillips 66 earnings: 5/1 07:00 am
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Source: Yahoo! Finance
"It will be difficult. It will be timely," Lashier told Yahoo Finance at the Semafor World Economy Summit. "You'll have to redesign things. Build things to repair." He added that the "tail effect" will haunt the markets for months, if not years. "Some of it will come back quickly. Some of it will take longer," he said. Crude oil ( CL=F ) tumbled about 7% on Tuesday to about $92 per barrel after recently flirting with $120. The recent price drop still leaves it about 30% above the $70 to $80 per barrel range in the months before the conflict. The current dip suggests a cooling geopolitical premium, but it masks a supply nightmare. Roughly 20% of the world's crude oil and liquid natural gas (LNG) transits the Strait of Hormuz. When the flow stops, the world cannot simply pivot. "It's incredibly disruptive," Lashier said. "The world has become very integrated and very efficient." Read more: What an extended war with Iran could mean for gas prices While Saudi Arabia and the U
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- Phillips 66 (PSX) Valuation Check After Recent Share Price Pullback And Strong Longer Term Returns [Yahoo! Finance]Yahoo! Finance
- Phillips 66 Announces Quarterly DividendBusiness Wire
- Global oil supply getting 'very tight' amid shipping disruptions: Phillips 66 CEO [Yahoo! Finance]Yahoo! Finance
- Phillips 66 CEO says oil supply won't just snap back after Iran conflict [Yahoo! Finance Canada]Yahoo! Finance Canada
- Global oil supply getting 'very tight' amid shipping disruptions: Phillips 66 CEO [Yahoo! Finance Canada]Yahoo! Finance Canada
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