Jorge León

speaker

39 appearances 1 recordings 1 series first heard Mar 2026 last heard 24 Mar

Jorge León’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 1 in all, peaking in Mar 2026 with 1.

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WSJ What’s News · Are Higher Oil Prices the New Normal? · 24 Mar 2026 podcast

And then finally, the fact that energy infrastructure has been hit.

We've seen refineries being hit.

We've seen pipelines being hit.

We've also seen oil storage capacity being taken offline.

So to give you a sense, before the conflict,

The refinery runs in the Middle East were around 26 million barrels per day.

Right now, we think the refinery runs is close to 16 million barrels per day.

So that means that roughly 10 million barrels per day of refinery runs have been hit because of the damage to infrastructure.

So that really shows how important those attacks have been.

I mean, yes, we can get a little bit more barrels from Venezuela, maybe 200,000 barrels per day more towards the end of the year.

Yes, shale producers in the US could ramp up a little bit production, let's say 300,000 barrels per day and a little bit here and there.

But we're talking about a supply disruption of 10 million barrels per day.

So you could get probably half a million barrels per day of extra supply by the end of the year.

You know, we've seen that the waivers were given to India to continue buying Russian crude at sea.

We've seen that now waivers have been given for buying Iranian oil at sea.

So I think that governments around the world are trying to find different ways

levers to try to limit the upside price pressure and protect consumers around the world.

We've seen some measures from certain governments, particularly in Asia, to try to protect final consumers, new policies such as remote working, car sharing, public transport, and so on.

But those are measures that I would anticipate that if this conflict continues in the next few weeks, that governments will continue to put into place.

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