Global energy security at risk if Strait of Hormuz does not open in weeks, IEA chief says
Fatih Birol said the Strait of Hormuz must reopen within weeks to avoid new pressure on global growth, as attacks disrupt oil and gas shipments.
- International Energy Agency Executive Director Fatih Birol warned that global energy security is at risk if oil shipments through the Strait of Hormuz do not resume soon.
- The Strait of Hormuz carries about one-fifth of the world's energy shipments and has been mostly blocked since late February due to conflict involving U.S. and Israeli strikes on Iran.
- Developing countries such as Pakistan, Bangladesh, and India have been hardest hit by the supply disruption, with Pakistan buying its most expensive liquefied natural gas shipment in four years due to canceled deliveries from Qatar.
- The situation must improve within weeks as increased U.S. oil production helps but cannot offset a prolonged closure of the Strait, which especially affects Asia's energy supply.
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FTSE 100 Live: Stocks to drop after IEA warns of 'critical' oil issue
Welcome back to the City AM liveblog. Oil is on track to gain around 12 per cent for the week after the continued escalation of strikes between the US and Iran. Brent crude – the international benchmark for oil – is holding steady around the $85 per barrel mark after US’ multiple strike offensives against Iran this week. This included hitting an oil tanker near the country’s main export terminal. Iran’s state news agency has reported overnight t…
The world's energy security is at stake if the Strait of Hormuz is not opened in the coming weeks, says the International Energy Agency (IEA).
BT
There is reason for concern if oil transport in the Strait of Hormuz does not resume soon, says energy executive.
Global energy security at risk if Strait of Hormuz does not open in weeks, IEA chief says
If the U.S. and Iran do not increase oil flowing through the Strait of Hormuz soon, the world should worry about energy security, International Energy Agency Executive Director Fatih Birol said on Thursday.
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