International Energy Agency Director: The continued closure of the Strait of Hormuz will double the loss of crude oil and refined products in April.

ME News Report, April 5th (UTC+8), International Energy Agency Director Fatih Birol warned that if the Strait of Hormuz is not reopened for shipping, the amount of crude oil and refined products we lose in April will be twice as much as what we lost in March. Even if the conflict ends, it will take a long time to return to normal. “We are monitoring all critical energy assets in the region on an hourly basis every day,” he referred to oil and gas fields, pipelines, refineries, and liquefied natural gas terminals. “Currently, 72 energy assets are damaged, with one-third severely or critically damaged,” he added. Birol praised Saudi Arabia’s quick response to the crisis, which rerouted more than two-thirds of its oil exports through a pipeline leading to the Red Sea. Birol said that Saudi authorities assured him that this critical pipeline is well protected. However, Birol pointed out that if this route is attacked, the consequences for the global economy would be extremely serious. (Jin10) (Source: ODAILY)