US EditionWar's Energy Impact Forces World to Pay up or Cut Usage
The Middle East war and closure of the Strait of Hormuz cut 20% of global oil and LNG supply, causing oil prices to surge over 50%, says International Energy Agency.
- Since February 28, airstrikes have effectively closed the Strait of Hormuz, stopping 20 per cent of global oil and LNG flows while global benchmark oil prices surged over 50 per cent to above $110 a barrel.
- On March 18, tit‑for‑tat strikes hit Gulf energy facilities, with Israel striking Iran's South Pars gas field and Iran hitting Qatar's Ras Laffan LNG complex, causing damage industry representatives say will take years to repair.
- The IEA earlier this month agreed to release 400 million barrels from emergency stockpiles, which analysts say covers only about 20 days of the war's impact.
- Sri Lanka imposed fuel rationing as transport costs surged, while China banned refined fuel exports and Thailand ordered civil servants to conserve energy; energy shocks have become a political liability for President Donald Trump.
- If the conflict lasts a few more weeks, Dr Maximo Torero warned global food supplies will be disrupted, while urea prices have risen 30 to 40 per cent amid blocked fertiliser shipments through the Strait of Hormuz.
13 Articles
13 Articles
Fatih Birol (IEA): ‘The war in Iran is already the biggest threat to energy security in history’
Never before has the world been so close to a blackout. In just three weeks since Iran closed the Strait of Hormuz, through which a fifth of the world’s oil and gas passes, the blockade has already become “the greatest threat to global energy security in history,” according to Fatih Birol, executive director of the International Energy Agency (IEA), in remarks to EL PAÍS, and in line with a statement published by the agency this Friday.Seguir le…
Iran Is Forcing The World To Care About US-Israeli Warmongering
Westerners are about to start paying a lot more attention to the war in Iran as massive US-Israeli escalations point to a coming energy crisis set to impact the whole world. Reading by Tim Foley: Westerners are about to start paying a lot more attention to the war in Iran as massive US-Israeli escalations point to a coming energy crisis set to impact the whole world. Israel has bombed the world’s largest natural gas field in southwestern Iran, …
The war in the Middle East announced a cost-saving scenario for the global energy system, reducing so much supply that consumers around the world need to pay more for energy and, at the same time, reduce their consumption, transmit Reuters.
Al-Monitor
Iran war's energy impact forces world to pay up, cut consumption
By Alex Lawler and Arathy SomasekharMarch 21 - The war in the Middle East has triggered a nightmare scenario for the global energy system, slashing so much supply that consumers around the world must both pay up big and lower consumption.The effective closure of the Strait of Hormuz, a narrow channel along the Iranian coast, has stopped the passage of 20% of the world’s oil and liquefied natural gas since the U.S. and Israel began airstrikes on …
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