International Energy Agency: More than 40 energy assets in the Middle East have been severely damaged, and supply chains may continue to be disrupted.
International Energy Agency: More than 40 energy assets in the Middle East have been severely damaged, and supply chains may continue to be disrupted.
China News Service, March 23 (Bloomberg) — International Energy Agency Executive Director Fatih Birol said that more than 40 energy assets in nine Middle Eastern countries have been “severely or very severely” damaged by the war, and global supply chains may continue to be disrupted after the conflict ends.
The report states that Birol believes the current disruption is equivalent to the combined impact of two major oil crises in the 1970s and the natural gas crisis of 2022.
“It’s not just oil and gas; the trade in some of the world’s vital arteries—such as fertilizers, sulfur, and helium—has been disrupted, which will have a serious impact on the global economy,” Birol said.
In early March, the International Energy Agency announced it would release a record 400 million barrels of oil from its emergency reserves to mitigate supply shocks and curb price spikes triggered by the Middle East wars.
According to the Associated Press, Birol said he is in talks with governments in Europe, Asia, North America and the Middle East about the possibility of releasing more oil reserves.
