AIE: Grim forecasts regarding the impact of the conflict in the Middle East on the global oil market

The head of the International Energy Agency (IEA), Fatih Birol, warned that the escalation of tensions and conflicts in the Middle East has significantly disrupted global oil supply, posing a serious threat to the world economy. In a speech delivered on March 23 at the National Press Club in Canberra, Birol emphasized that current supply losses exceed the oil shocks of the 1970s, with an estimated loss of 11 million barrels per day.

The IEA is discussing with governments in Asia and Europe the possibility of releasing additional oil from strategic reserves, in the context of rising global prices. Birol mentioned that reopening the Strait of Hormuz could be a crucial step in alleviating the crisis, considering the importance of this transit route for global oil.