IEA Director: Continued Closure of the Strait of Hormuz Could Double Crude Oil and Product Losses in April
Svmuu News IEA Director Fatih Birol warned that if the Strait of Hormuz does not reopen to shipping, the amount of crude oil and refined products we lose in April will be double what we lost in March. Even if the conflict ends, it will take a long time to return to normal. "We are tracking all key energy assets in the region hour by hour, every day," he said, referring to oil and gas fields, pipelines, refineries, and LNG terminals. "Currently, 72 energy assets are damaged, one-third of them severely or very severely damaged," he added. Birol praised Saudi Arabia's swift response to the crisis, which has rerouted over two-thirds of its oil exports through a pipeline to the Red Sea. Birol stated that Saudi Arabia's highest authorities assured him that this critical pipeline is well protected. However, Birol noted that if this route were attacked, the consequences for the global economy would be extremely severe. (Jin10)
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