International Energy Agency Director: The continued closure of the Strait of Hormuz will double the loss of crude oil and refined products in April.

ME News report, April 5 (UTC+8). International Energy Agency director Fatih Birol warned that if the Strait of Hormuz is not reopened for shipping, the amount of crude oil and refined products we lose in April will be twice as much as what we lost in March. Even if the conflict ends, it will take a long time to return to normal. “We are monitoring all key energy assets in the region on an hourly basis every day,” he said, referring to oil and gas fields, pipelines, refineries, and liquefied natural gas terminals. “At present, 72 energy assets have been damaged, and one-third are damaged severely or very severely,” he added. Birol praised Saudi Arabia’s rapid response to the crisis, saying that through a pipeline leading to the Red Sea, the country rerouted more than two-thirds of its oil exports. Birol said that Saudi Arabia’s highest authorities assured him that this vital pipeline is well protected. However, Birol pointed out that if this route is attacked, the consequences for the global economy would be extremely severe. (Jin10) (Source: ODAILY)