"Two years to recover energy production" - IEA Head Birol: Let's prepare for even higher prices
It will take about two years to recover the energy production lost in the Middle East from the conflict there, said Fatih Birol, head of the International Energy Agency.
"This will vary from country to country. In Iraq, for example, it will take much longer than in Saudi Arabia. However, we estimate that it will take approximately two years overall to reach pre-war levels again," Birol said.
He added that the market was underestimating the consequences of a prolonged closure of the Strait of Hormuz. Oil and gas shipments that were already on their way to their destinations before the Iran war began have now arrived, cushioning the impact of the shortages, he said.
"But no new tankers were loaded in March. There were no new shipments of oil, gas or fuels to Asian markets. This gap is now becoming significant. If the Strait of Hormuz is not reopened, we should prepare for significantly higher energy prices."
Asked whether the IEA might carry out another release of emergency oil reserves after its March action, Birol said the agency was ready to act immediately and decisively.
"We're not there yet, but it's definitely under consideration," Birol said.
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