IEA on oil stocks release

The International Energy Agency (IEA) said the Middle East conflict is severely affecting global oil and gas markets, with major consequences for energy security and affordability.

IEA Executive Director Fatih Birol highlighted the strategic importance of the Strait of Hormuz, which handles about 15 million barrels per day of crude and 5 million barrels per day of oil products, roughly a quarter of global seaborne oil trade. “The supply of LNG from Qatar and the Emirates has also fallen, reducing global energy supply by around 20%,” Birol said.