"Fatih Birol stated that the crisis in the Middle East has had a worse impact on oil than the two oil shocks of the 1970s combined, and a worse effect on gas than the Russia-Ukraine war."
"The situation is very severe, with the oil crises of 1973 and 1979 losing together 10 million barrels per day, while the current crisis has already lost 11 million barrels per day."
"One major fear is that the war could knock out oil and gas production in the Middle East for a long time, leading to sustained high prices and increased global inflation."
The head of the International Energy Agency warned that the ongoing Iran war presents a major threat to the global economy. The crisis has caused more disruption to oil and gas supplies than the oil shocks of the 1970s and the Russia-Ukraine war. The potential for prolonged high oil prices could lead to global inflation. Iran has threatened to retaliate against U.S. and Israeli energy assets, further escalating tensions. The current situation has already resulted in a loss of 11 million barrels per day in oil production.
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]