Photo from the archive. The tense situation in the Strait of Hormuz has led to disruptions affecting about 20% of global oil supplies
According to Birol, the participating countries have more than 1.2 billion barrels of strategic oil reserves and 600 million barrels of industrial stocks.
In light of the instability in the oil markets, it was decided to hold an extraordinary meeting to assess supply security and current market conditions. The possibility of releasing emergency stocks onto the market will also be considered.
The head of the IEA has already consulted with the energy ministers of the G7 countries, where the consequences of the conflict in the Middle East for the oil and gas markets were discussed.
Birol noted that the blockade of shipping in the Strait of Hormuz poses serious threats to energy security, exacerbated by falling oil production volumes.
Experts emphasize that the cessation of maritime transport through the Strait of Hormuz, caused by military actions by the US and Israel against Iran, has led to the most significant disruption in global oil supply in history.
Tensions in the Strait of Hormuz have affected about 20% of global oil supplies, raising concerns among importing countries.
Earlier, the Islamic Revolutionary Guard Corps reported that Iran had begun mining the Strait of Hormuz, and in early March, the IRGC threatened to destroy any vessels attempting to pass through the strait.
It is worth noting that on March 9, the price of Brent oil reached $119.36 per barrel (+28.77%), and the cost of gas in Europe exceeded $800 per 1000 cubic meters for the first time since January 2023.
Additionally, there were reports of attacks on oil storage facilities in Iran by Israel, which forced the Bahrain oil and gas company Bapco Energies to declare force majeure due to the situation in the region, including a recent strike on one of its facilities.
After Iran's retaliatory attacks, Qatar halted liquefied natural gas production at the world's largest plant. QatarEnergy suspended LNG output following attacks on facilities in the industrial zones of Ras Laffan and Mesaieed, affecting current production capacities. QatarEnergy is the world's largest producer of LNG, accounting for nearly 20% of global production.
