It could take two years before oil and gas production in the Gulf region reaches pre-war levels. The head of the International Energy Agency (IEA), Fatih Birol, said this on Friday in an interview with the Swiss newspaper Neue Zürcher Zeitung, the day after he warned that Europe would soon run out of jet fuel.
- We estimate that it will take a total of two years before we reach pre-war levels. Of course, there will be a big improvement when the Strait (Hormuz, ed.) opens, but reaching full capacity takes time, he says.
The reason is that, according to IEA data, more than 80 energy facilities in the region have been damaged during the war. This includes oil and gas fields, refineries and pipelines. Restoring production will require "great efforts," he told the Swiss newspaper.
France and Britain will lead a meeting of about 40 countries on Friday to send a signal that they are ready to help secure the Strait of Hormuz, writes the Reuters news agency.
About 20 percent of the oil traded in the world is shipped through the strait under normal circumstances, and it is urgent to reopen it, Birol explained to the AP news agency on Thursday.
- In Europe, we may have about six weeks of jet fuel left, he said.
- If we are not able to open the Strait of Hormuz, then I can say that we will soon hear news about flights from one city to another being canceled due to a lack of jet fuel.
The countries that will be hit hardest by the However, according to Birol, the main causes of the international situation and the higher prices are developing countries, including less prosperous countries in Asia, Africa and Latin America.
US President Donald Trump announced on Thursday - as he has done before - progress in the negotiations with Iran. He said that Iran has agreed to hand over its stocks of enriched uranium.
According to Trump, a new meeting between the parties may already take place over the weekend, which is why he believes that it is not certain that it is necessary to extend an ongoing ceasefire.
/ritzau/
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