In this article
The coming month will see an intensification of the oil supply constraints that have driven prices sharply higher since the start of the Iran war, according to the head of the International Energy Agency.
Speaking to the "In Good Company" podcast hosted by Nicolai Tangen, CEO of Norges Bank Investment Management, Birol said the energy crisis sparked by the U.S.-Iran war was the worst in history.
"The next month, April, will be much worse than March," he said. He explained that in March there were already some cargo ships carrying oil and gas that transited through the Strait of Hormuz before the war broke out.
"They are still coming to ports, still bringing oil and energy and other [things]," he said. "In April, there is nothing. The loss of oil in April will be twice the loss of oil in March. On top of that you have LNG and others. It will come through to inflation, I think it will cut economic growth in many countries, especially emerging economies. In many countries the rationing of energy may be coming soon."
