US EditionMore than 40 Middle East energy assets ‘severely damaged,’ IEA chief says
IEA warns damage to 40 energy assets in nine Middle Eastern countries has cut 11 million barrels daily, surpassing past oil shocks and threatening global supply chains.
- 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.
173 Articles
173 Articles
Global energy crisis deepens amid US-Iran tensions in Strait of Hormuz
Global energy markets are facing one of the most severe disruptions in decades, with the International Energy Agency (IEA) warning that the ongoing US-Israel-Iran conflict has already removed around 11 million barrels per day from global oil supply, an impact larger than past oil crises combined.IEA Executive Director Fatih Birol told the National Press Club in Canberra, Australia, on Monday that the current disruption exceeds the combined suppl…
IEA Warns: Iran War 'Greatest Global Energy Threat' Ever
International Energy Agency (IEA) Executive Director Fatih Birol says that more than 40 Middle East energy assets have been severely or very severely damaged since the U.S. and Israel launched attacks on Iran on Feb. 28.
The Conversation
Over 400 million barrels will be added to the oil market soon – what are strategic reserves and what can they do?
The world is about to open up reserve oil supplies. Photo illustration by PashaIgnatov/iStock/Getty Images PlusIn the second week of the Iran war – with the Strait of Hormuz effectively closed, cutting off shipping of 20% of the world’s oil supply – the International Energy Agency announced the largest release of strategic oil reserves in history. Thirty-two countries will sell a combined 412 million barrels from their reserves into the global m…
While Donald Trump calls for the full opening of the Strait of Ormuz by Iran, Fatih Birol, the director of the International Energy Agency, is deeply concerned about the situation in the Middle East, where dozens...
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