IEA chief says Gulf oil and gas flows could take six months or longer to recover
The Facts
- Fatih Birol, the International Energy Agency chief, said restoring oil and gas flows from the Gulf could take six months or longer.
- Birol said some damaged sites could be operational in six months, while others would take longer.
- Birol warned that politicians and markets are underestimating the scale of the disruption.
- Birol said roughly one-fifth of global oil and gas supplies is effectively stranded in the Middle East or Gulf region.
- Birol described the situation as the greatest global energy security threat in history.
- Several reports said the conflict has cut off more gas than Europe lost from Russia in 2022.
- Some reports said more oil has been cut off now than during the 1970s oil shocks.
Context
Who made the warning about Gulf energy flows?
The warning came from Fatih Birol, executive director of the International Energy Agency, in comments reported by the Financial Times and repeated by other outlets NDTV,El Cronista,Financial Times News.
What timeline did Birol give for recovery?
Birol said some sites could take six months to become operational, while others would take much longer, and that full restoration of Gulf oil and gas flows could take six months or more NDTV,Ambito,TASS.
Why does Birol say the disruption matters globally?
He said about one-fifth of global oil and gas supplies is stranded in the region, and that the scale of the disruption is being underestimated by politicians and markets Ambito,Democratic Undergro…,Financial Times News,TASS.
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