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 5 (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 the amount we lost in March. Even after 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 said, referring to oil and gas fields, pipelines, refineries, and liquefied natural gas terminals. “Currently, 72 energy assets are damaged, with one-third of them suffering severe or very severe damage,” he added. Birol praised Saudi Arabia’s rapid response to the crisis: the country redirected more than two-thirds of its oil exports through a pipeline to the Red Sea. Birol said Saudi Arabia’s highest 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)