International Energy Agency Director: Prolonged closure of the Strait of Hormuz will double losses of crude oil and refined oil products in April

Golden Ten Data, April 5 — According to the Financial Times, International Energy Agency Director Fatih Birol warned that if the Strait of Hormuz does not reopen to shipping, the amount of crude oil and refined oil products we lose in April will be double what we lost in March. Even if the conflict ends, it will take a long time to return to normal. “We are tracking all key energy assets in the region on an hourly basis every day,” he said, referring to oil and gas fields, pipelines, refineries, and LNG terminals. “Currently, 72 energy assets have been damaged, with one-third suffering severe or extremely severe damage,” he added. Birol praised Saudi Arabia's swift response to the crisis; the country redirected more than two-thirds of its oil exports via a pipeline to the Red Sea. Birol said that the highest authorities of Saudi Arabia assured him that this key pipeline is well protected. However, Birol pointed out that if this route is attacked, the consequences for the global economy would be extremely serious.