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IEA: Oil Supply Shortage to Worsen This Month, Aviation Fuel Shortage to Spread to Europe
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International Energy Agency (IEA) Executive Director Fatih Birol said the oil supply shortage will further intensify this month. He noted that before the outbreak of war, some vessels carrying oil and natural gas had passed through the Strait of Hormuz. Those ships were still en route to various ports last month, but no such cargoes have arrived at ports this month. The oil shortage will be twice that of last month. In addition, shortages of other energy sources, including liquefied natural gas (LNG), will exacerbate inflation and weigh on economic growth in many countries, particularly emerging economies. Many countries may soon have to implement energy rationing. Birol said the supply disruption caused by the current war is more severe than previous crises. During the two oil crises in the 1970s, global crude oil supply losses were about 5 million barrels per day each time, while the current loss stands at 12 million barrels per day. The loss of natural gas supply resulting from the blockade of the Strait of Hormuz also exceeds the impact the market endured four years ago when Russian gas supplies were disrupted. He described the scale of the current crisis as exceeding the combined impact of the three aforementioned events. Many key commodities, including petrochemical products, fertilizers and sulfur, are critical to global supply chains. He warned that the world is heading toward an extremely significant supply disruption, potentially the largest in history. Birol said the organization would likely recommend releasing more oil reserves if necessary. He added that the most pressing issue at present is the shortage of aviation fuel and diesel. Such conditions have already been observed in Asia and may spread to Europe this month or early next month. (fc/u) This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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