Art Berman
ON THE RECORD · 13 verbatim quotes · every quote source-verified
“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.
“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.
“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.
“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.
“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.
“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.
“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.
“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.
“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.
“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 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.