Over 40 Mideast energy sites heavily damaged by conflict – IEA

Anadolu, Philippine News Agency

(Anadolu photo)

ANKARA – More than 40 energy assets across nine countries in the Middle East have been “severely or very severely” damaged amid the ongoing conflict, the International Energy Agency (IEA) said, according to media reports Sunday.

IEA Executive Director Fatih Birol said the damage could prolong disruptions to global supply chains even after the conflict ends.

“It will take some time for the oil fields, refineries and pipelines to come back online,” he said.

Birol said more than three weeks of fighting have disrupted the entire energy supply chain and nearly halted shipping through the Strait of Hormuz.

He said the impact of the disruptions is comparable to “the two major oil crises in the 1970s and the 2022 natural gas crisis … all put together.”

“Not only oil and gas, but some of the vital arteries of the global economy … their trade is all interrupted,” he added.

Birol warned that Asia is particularly affected due to its reliance on regional energy supplies.

“Every country first looks at its own domestic interest, but … serious export restrictions without justification might not be something which gets plus points,” he said.

The IEA plans to release 400 million barrels of oil from emergency reserves to ease supply shocks, he said, adding that additional reserves could be released if disruptions continue.

Birol said the reopening the Strait of Hormuz remains critical to restoring global energy flows.

The Strait of Hormuz has been effectively disrupted since early March. Around 20 million barrels of oil normally pass through it daily, and its disruption has driven up shipping costs and pushed global oil prices higher.

US-Israeli strikes against Iran began on Feb. 28 and have reportedly killed at least 1,300 people, including then-Supreme Leader Ali Khamenei.

Iran has retaliated with drone and missile strikes targeting Israel, Jordan, Iraq, and Gulf countries hosting US military assets.