US EditionMore than 40 Middle East energy assets ‘severely damaged,’ IEA chief says
IEA chief Fatih Birol said damage to over 40 energy assets in nine Middle East countries has caused historic disruptions, with 400 million barrels of emergency oil released to ease supply.
- In Canberra on Monday, the IEA's executive director warned 'No country will be immune to the effects of this crisis if it continues to go in this direction' during his remarks on the global energy threat caused by the Middle East war.
- With the Strait of Hormuz effectively closed, Iran's conflict has damaged more than 40 energy assets in the Middle East, worsening the global supply shock.
- The IEA quantified losses at about 11 million barrels per day, LNG shortfalls of about 140 billion cubic metres, and North Sea Brent crude trading above $110 a barrel.
- Earlier this month, IEA member countries released 400 million barrels from emergency reserves and are consulting on further releases if necessary, urging demand‑saving measures like remote working and lower speed limits.
- Birol said the crisis will accelerate renewable energy investment and disruptions to fertiliser shipments from the Middle East, about 30,000,000, will push up food prices, hitting developing Asian economies hardest.
153 Articles
153 Articles
IEA warns Iran conflict is a “major, major threat”; members release record 400m barrels as Goldman lifts oil forecasts
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IEA says 40 Middle East energy sites ‘severely’ damaged, could keep prices higher for longer
The head of the International Energy Agency said Monday that at least 40 critical energy assets across nine countries in the Middle East have been “severely or very severely damaged” – threatening to keep oil prices higher for longer even if the war in Iran ends soon.
The war in the Middle East could lead to the world's worst energy crisis in decades, the head of the International Energy Agency (IEA) Fatih Birol warned today.
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