“No Policy Response Can Stop the Rise in Oil Prices” – Carlyle’s Currie

Energy expert Jeff Currie, a strategist at the investment firm Carlyle Group, has warned that no government policy can quickly stop the sharp rise in global oil prices triggered by the ongoing Middle East conflict. According to Currie, the current disruption in global oil supply is so severe that measures such as releasing strategic oil reserves will only provide limited relief. 

Currie explained that the International Energy Agency’s emergency plan to release about 400 million barrels of oil will take a long time to reach markets because the oil is expected to be released at a rate of roughly 2 million barrels per day. At that pace, it could take around 200 days for the full amount to enter the global supply system. Meanwhile, analysts estimate that as much as 18 million barrels of daily oil supply could be disrupted by the conflict and shipping problems. 

He also noted that the war has caused severe damage to global supply chains. Tankers are being rerouted, insurance for shipping routes has been suspended in some areas, and production in major oil-producing countries such as Saudi Arabia, Iraq, and the UAE has slowed. Because of these disruptions, Currie warned that oil prices may remain high for months until the global supply system stabilizes.