Oil shortage risks fuel scarcity and social unrest worldwide
Goldman Sachs analysts report that the volume of oil in transit is dropping, forcing Western countries to rapidly deplete their reserves, potentially triggering the largest supply shock in history. Earlier this week, Europe received the last tanker carrying oil through the Strait of Hormuz, with wholesale prices hitting a four-year high.
Signs of fuel shortages are emerging in Europe, approaching a rationing scenario. Simultaneously, criminal activity is increasing: in Germany, four individuals were arrested for possessing 1,700 litres of stolen diesel. In Asia, gasoline shortages have led to a rise in robberies and assaults at gas stations in Bangladesh, India, and Pakistan, resulting in several fatalities.
Last week, thousands of transport workers in the Philippines went on strike to protest the sharp rise in diesel prices. Dirk Engels, head of Germany’s freight transport association, warned that rising fuel costs threaten up to 100,000 jobs and the safety of truck drivers across the country.
This crisis highlights the vulnerability of global fuel supply chains, with significant economic and social consequences. Businesses and authorities are pressed to find urgent solutions to stabilize the situation.
Looking ahead, the world faces further energy market shocks, heightened social tensions, and increased security incidents related to fuel shortages.
