The Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, has raised fresh concerns over the impact of escalating tensions in the Middle East on global oil supply and fuel prices, warning that the situation could significantly affect petroleum markets worldwide, including Ghana.
Speaking on the latest developments on the Channel One Newsroom on Saturday February 28, Amoah described the situation as “fluid” and “not looking very kind,” confirming reports that the Strait of Hormuz — a critical global oil transit route — is currently blocked.
“What I can confirm is that the Strait of Hormuz is blocked as we speak,” he said. “The iron triangle is already active. Iran, Russia and China have paraded their maritime infrastructure. Whatever they can deploy in that tunnel is already active. The US is also heading toward that corridor, which means no oil whatsoever has made passage since morning.”
According to him, the escalation that occurred late last night has effectively stalled the movement of a significant portion of global crude supply.
“Over 22 percent of the global oil supply that should have moved since last dawn has not moved,” he stated. “Inventories across Europe, the US and Asia will now attract higher premiums. You cannot expect anyone holding oil at this point to sell it cheaper.”
Amoah revealed that crude prices have already reacted sharply to the disruption, indicating that he was receiving signals that oil had crossed 91 dollars per barrel, up from between 67 and 69 dollars recorded the previous day.
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