Middle East Oil Glut: Producers ‘Desperate’ to Sell Stored Crude

Middle East oil producers are scrambling to unload crude stockpiled during the recent Persian Gulf conflict, according to TotalEnergies SE Chief Executive Patrick Pouyanné. Speaking on the state of global energy markets, Pouyanné described the sellers as “desperate” to move the stored oil. However, he noted that supplies of gasoline and diesel remain tight due to ongoing shipping disruptions. The imbalance highlights a key tension in the market: while crude is abundant, refined fuel is still scarce. This gap is keeping fuel prices high for consumers, even as raw oil prices face downward pressure.