Art Berman
ON THE RECORD · 13 verbatim quotes · every quote source-verified
“It's a complicated, high-risk, relatively long-term process, and we don't know the outcome.”
Art Berman · said date not stated · reported 2026-08-23
Art Berman outlined the risks and uncertainty involved in bringing shut-in wells back online.
“It's that the oil we have isn't the right kind”
Art Berman · said date not stated · reported 2026-08-23
Art Berman noted that domestic crude grades do not match all requirements of American refineries.
“This is not just a news cycle,”
Art Berman · said date not stated · reported 2026-08-23
Art Berman compared the scale of the Persian Gulf oil crisis to major economic disruptions.
“The problem for the U.S. isn't that we don't have enough oil, we almost do,”
Art Berman · said date not stated · reported 2026-08-23
Art Berman discussed the mismatch between U.S. oil production and domestic refinery needs.
“The very last thing in the world I ever want to do is to shut in a well,”
Art Berman · said date not stated · reported 2026-08-23
Art Berman expressed reluctance regarding the decision to shut in oil wells.
“This is potentially a kind of a world-changing event, even if we resolve the political issues.”
Art Berman · said date not stated · reported 2026-08-23
Art Berman reiterated that the oil disruption could have lasting global consequences.
“We can move tankers around and we can obsess about, you know, are there 4 million barrels getting through or are there 6 million or 9 million or whatever the right number is,”
Art Berman · said date not stated · reported 2026-08-23
Art Berman discussed the industry's focus on tanker transit through the Strait of Hormuz.
“The oil market and the refined products market is global,”
Art Berman · said date not stated · reported 2026-08-23
Art Berman explained that the global nature of oil markets prevents the U.S. from being fully insulated.
“The bigger story and the more important one long term is that 8 million barrels of Persian Gulf production is currently shut in and world production is down about 10 million barrels a day,”
Art Berman · said date not stated · reported 2026-08-23
Art Berman highlighted the volume of shut-in oil production in the Persian Gulf and globally.
“This is not like turning on a switch for a light bulb,”
Art Berman · said date not stated · reported 2026-08-23
Art Berman described the technical difficulty of restarting shut-in oil wells.
“Some of that production will never come back,”
Art Berman · said date not stated · reported 2026-08-23
Art Berman predicted that a portion of the shut-in oil production will not recover.
“A simple political agreement doesn't mean the problem's over,”
Art Berman · said date not stated · reported 2026-08-23
Art Berman noted that a political settlement alone would not immediately resolve energy disruptions.
“But eventually, those tankers have to be filled with oil.”
Art Berman · said date not stated · reported 2026-08-23
Art Berman emphasized that tankers ultimately rely on upstream oil production.