IEA Chief Birol says more than 12mln BPD of oil supply has been lost so far due to the Middle East crisis; the current crisis is worse than the 1970s oil shocks and the loss of Russian gas in 2022 combined
Importance
Level 1
- Oil supply losses in April are expected to be twice as high as in March.
- Biggest problem is a lack of jet fuel and diesel, already affecting Asia and coming to Europe in April–May.
- Further releases of strategic reserves are being considered if needed for crude oil or products.
- Around 40 key energy assets have been damaged in the Middle East.
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