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

ME News report, April 5 (UTC+8): International Energy Agency Director Fatih Birol warned that if the Strait of Hormuz is not reopened to shipping, the amount of crude oil and refined products we lose in April will be twice what we lost in March. Even if the conflict ends, it will take a long time for things to return to normal. “We are tracking all critical energy assets in the region on an hourly basis every day,” he said, referring to oil and gas fields, pipelines, refineries, and liquefied natural gas terminals. “Currently, 72 energy assets are damaged, with one-third suffering severe or very severe damage,” he added. Birol praised Saudi Arabia’s rapid response to the crisis, which diverted more than two-thirds of the country’s oil exports through a pipeline leading to the Red Sea. Birol said that Saudi Arabia’s top 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)