The Executive Director of the International Energy Agency (IEA) Fatih Birol believes that the resumption of crude oil and gas supplies from the Persian Gulf countries after the end of the war against Iran will take at least six months.
Birol made the statement in a commentary to the British edition of the Financial Times.
According to him, the war against Iran and the subsequent closure of the Strait of Hormuz caused a shock to the global economy. It cannot be compared to the shock that occurred after the beginning of the full-scale invasion of Ukraine by the aggressor country russia.
Birol emphasized that even in 1973 and 1979, oil losses were less than now. At that time, it led to a recession, a jump in inflation and rationing of fuel distribution around the world.
The IEA head believes that the market and politicians still do not understand the scale of what is happening and the consequences that are expected due to the situation in the Middle East.
"People understand that this is a serious problem, but I'm not sure they fully realize the depth and the implications of the situation," Birol said.
He warned that the market will not stabilize on the day the war ends and the Strait of Hormuz opens. It will take at least six months to restore the operation of fields, oil and gas plants. Restoration of some facilities will take longer.
As the Ukrainian News agency earlier reported, on March 11, IEA member countries agreed to release their strategic reserves to stabilize the market situation. We are talking about 400 million barrels of crude oil and petroleum products.
Later, the IEA said that member countries are ready to release additional volumes from the reserves, if the situation requires it.
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