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

ME News, 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 the amount we lost in March. Even if the conflict ends, it will take a long time to return to normal. “We monitor all critical 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. “Currently, 72 energy assets are damaged, and one-third of them are severely or very severely damaged,” he added. Birol praised Saudi Arabia’s rapid response to the crisis, redirecting more than two-thirds of its oil exports through a pipeline to the Red Sea. Birol said that the country’s top authorities assured him that this crucial pipeline is well protected. However, Birol pointed out that if this route is attacked, the consequences for the global economy would be extremely serious. ( (Source: ODAILY)