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IEA Estimates Middle East Needs About Two Years to Restore Lost Energy Production Capacity
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International Energy Agency (IEA) Executive Director Fatih Birol said in an interview with Neue Zuercher Zeitung that it would take about two years to restore the energy production capacity lost in the Middle East due to conflict. He noted that the situation varies by country, with Iraq requiring a significantly longer recovery period than Saudi Arabia. Overall, he estimated it would take around two years to return to pre-war levels. Birol also said the market has underestimated the long-term consequences of a prolonged closure of the Strait of Hormuz. He pointed out that oil and natural gas shipments that had already departed before the outbreak of hostilities in Iran have now arrived, helping to ease the impact of supply shortages. However, no new tankers loaded cargo last month. Asian markets have not received new supplies of oil, natural gas or fuel, and the supply gap is becoming increasingly evident. If the Strait of Hormuz is not reopened, preparations must be made for a sharp rise in energy prices. Regarding whether emergency oil reserves would be released again, Birol said the agency stands ready to act immediately and decisively. He added that the situation has not yet reached that point, but it is certainly under consideration. (fc/w) 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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