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Golden Ten Data, April 5 — According to the Financial Times, International Energy Agency Director Fatih Birol warned that if the Strait of Hormuz does not reopen to shipping, the amount of crude oil and refined oil products we lose in April will be double what we lost in March. Even if the conflict ends, it will take a long time to return to normal. “We are tracking all key energy assets in the region on an hourly basis every day,” he said, referring to oil and gas fields, pipelines, refineries, and LNG terminals. “Currently, 72 energy assets have been damaged, with one-third suffering severe or extremely severe damage,” he added. Birol praised Saudi Arabia's swift response to the crisis; the country redirected more than two-thirds of its oil exports via a pipeline to the Red Sea. Birol said that the highest authorities of Saudi Arabia assured him that this key pipeline is well protected. However, Birol pointed out that if this route is attacked, the consequences for the global economy would be extremely serious.

Golden Ten Data, April 5—According to the Financial Times, International Energy Agency (IEA) Director Fatih Birol has warned that, amid the energy crisis triggered by a potential war between the US, Israel, and Iran, countries must refrain from hoarding oil and fuel. If the Strait of Hormuz remains closed, supply is expected to decrease further. "I urge all countries not to impose export bans or restrictions," Birol stated. "Now is the worst possible time for the global oil market. If countries hoard oil and fuel, their trade partners, allies, and neighbors will all suffer as a result." This may be a reference to the US. As gasoline prices have surged past $4 per gallon and California faces the threat of an aviation fuel shortage, there are growing rumors domestically in the US about a possible ban on refined oil product exports. US Energy Secretary Chris Wright has so far only ruled out the possibility of a crude oil export ban. Birol said that some countries are already stockpiling energy, which has weakened the IEA’s move to stabilize the market during the current conflict by releasing 400 million barrels of oil and fuel from emergency reserves.

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