Executive Director Fatih Birol warns that the prolonged blockage of the Strait of Hormuz will force regional refiners to choose between buying expensive crude, depleting stocks, or cutting back production
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The next phase of the global oil supply crisis could be felt most sharply in Asia, where refiners are heavily exposed to Gulf crude, International Energy Agency (IEA) Executive Director Fatih Birol said, warning that the prolonged disruption to the Strait of Hormuz is deepening one of the largest energy shocks in modern history.
Asia’s dependence on Middle Eastern oil and gas has left it dangerously exposed to the Hormuz energy crisis.
IEA warns Hormuz Strait crisis could push global oil markets into a ‘red zone’, draining emergency reserves and driving up fuel…
Asia relies heavily on oil and gas from the Gulf, and shortages and higher prices are starting to bite.
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