Iran War Created Biggest Ever Energy Security Threat, IEA Says
Fatih Birol, the executive director of the International Energy Agency (IEA), stated that the war in the Middle East and the closure of the Strait of Hormuz have created the largest energy security threat the world has ever faced. The IEA estimated that global oil supply plunged by 10.1 million barrels per day to 97 million bpd in March.
The war in the Middle East and the closure of the Strait of Hormuz have created the largest energy security threat in history, according to Fatih Birol, the executive director of the International Energy Agency (IEA). The IEA lost 13 million barrels per day of oil and faced major disruptions in vital commodities. The IEA-coordinated release of 400 million barrels of oil stocks cannot offset the massive supply loss. Birol stated that the cure is opening up the Strait of Hormuz, which has been closed for nearly eight consecutive weeks. The global oil supply plunged by 10.1 million barrels per day to 97 million bpd in March, according to the IEA's monthly report. The crisis could redraw the global energy map as the Strait of Hormuz is no longer seen as a reliable route for oil and gas supply.
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