US EditionMore than 40 Middle East energy assets ‘severely damaged,’ IEA chief says
IEA Executive Director Fatih Birol reported over 40 energy assets in nine Middle East countries severely damaged, disrupting global oil and gas supplies and prompting historic stockpile releases.
- 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.
198 Articles
198 Articles
The International Energy Agency is considering releasing additional oil reserves, while its boss warns that no country is safe from the price shock.
412 million barrels will soon flood oil markets — will it matter?
In 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 […] The post 412 million barrels will soon flood oil markets — will it matter? appeared first on Asia Times.
The IEA Middle East war and energy crisis will surpass the combined aftermath of the oil shock and the Ukra war. Crude oil supply decreased by 11 million barrels per day, exceeding the reduction during the 1970s oil shock, and the invasion paralyzed Qatar's LNG export capacity by 17% due to the invasion, IEA Secretary General emphasizes the biggest energy security threat in history, the United States
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 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.
Energy Agency Urges Slower Driving and Avoiding Air Travel to Conserve Energy Due to Iran Conflict.
PULSE POINTSWHAT HAPPENED: The International Energy Agency (IEA) proposed ten measures to reduce global energy consumption, citing the ongoing Iran conflict as a significant factor in high energy prices.WHO WAS INVOLVED: The IEA, led by executive director Fatih Birol, along with its 32 member nations, including the United States, the United Kingdom, Canada, and Japan.WHEN & WHERE: The recommendations were issued recently amidst the Gulf conflict…
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