Paris, April 14 (SANA) The International Energy Agency (IEA) warned that global oil markets are facing a severe supply disruption, with approximately 13 million barrels per day affected due to the ongoing conflict in the Middle East and the near-complete closure of the Strait of Hormuz.
Speaking at an event hosted by the Atlantic Council, IEA Executive Director Fatih Birol said current oil prices do not yet reflect the full scale of the crisis, but are expected to move closer to underlying market conditions as disruptions deepen.
According to remarks carried by Al Jazeera, Birol said more than 80 energy facilities have sustained direct damage during the hostilities, warning that restoring supply to normal levels could take up to two years.
He added, “Prices are already elevated, but they do not reflect the severity of the problem, and we may soon see a convergence between prices and reality,” noting that such a shift would be highly sensitive for the global economy.
Birol had earlier warned on April 7 that the energy crisis resulting from the Middle East conflict could become the worst in the history of global energy markets.
R.D
