Baghdad: US oil companies have warned of an impending global fuel crisis.

According to National Iraqi News Agency, the oil market’s capacity to absorb supply disruptions and price increases has been largely exhausted, with the continued closure of the Strait of Hormuz and the attack on the Saudi East-West oil pipeline.

Chevron CEO Mike Wirth stated that the market no longer possesses the reserves available at the beginning of the conflict with Iran. The situation is exacerbated by attacks on oil tankers, increased Chinese purchases after depleting its domestic stockpiles, and declining diesel supplies due to refinery shutdowns in the Middle East and Ukraine.