Persian Gulf Oil Production Can Take Two Years To Recover From War: Iea Chief – The Cradle
Persian Gulf Oil Production Can Take Two Years To Recover From War: Iea Chief
Both the US and Iran have increased oil exports since the start of the war, while oil production and exports from Gulf states have fallen
It could take up to two years for oil production in West Asia to return to levels from before the start of the US-Israel war on Iran in late February, Fatih Birol, executive director of the International Energy Agency (IEA), told Bloomberg on 17 April.
“There is a general belief that the minute we see the strait open … we come back to the level of production before – which is, in my view, misleading,” Birol stated.
West Asia oil production was disrupted by the US-Israeli bombing campaign, which targeted Iranian oil and energy infrastructure.
Iran retaliated by targeting Gulf oil and gas infrastructure. It also threatened to target ships linked to the “enemy” in the Strait of Hormuz, effectively closing the waterway through which most Gulf oil is exported.
“The recovery will be gradual as damage from the conflict has affected oil fields, refineries, and pipelines across the Persian Gulf,” Birol said.
🔗SOURCE ➡️ The Cradle
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3/11 — Nations Worldwide Move To Conserve Fuel As Strait Of Hormuz Closure Threatens Global Economy
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