At least 40 energy assets ‘severely’ damaged in Mideast war, IEA chief says

The head of the International Energy Agency said Monday that at least 40 energy assets had been “severely or very severely” damaged in the Middle East due to the war in the region.

“At least forty... energy assets in the region are severely or very severely damaged across nine countries,” Fatih Birol told the National Press Club in Australia’s capital.

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Birol also said that the global economy faces a “major, major threat” because of the Iran war.

“No country will be immune to the effects of this crisis if it continues to go in this direction,” Birol said.

He said the crisis in the Middle East has had a worse combined impact than the two oil shocks of the 1970s and the effect on gas markets of the Russia-Ukraine war.

His comments came as Israel launched a new wave of attacks early Monday against Tehran.

The official added that he was consulting with governments in Europe and Asia about the prospect of releasing further stockpiled oil.

“We will see, we will look at the markets,” Birol said. “If it is necessary of course we will do it, but we will look at the conditions, we will analyze, assess the market and discuss with our member countries.”

As Iran continues its stranglehold on the Strait of Hormuz, US President Donald Trump gave a 48 hour deadline for Tehran to open the strategic waterway to all ships, saying that otherwise the United States would “obliterate” Iran’s power plants. Trump posted the threat to social media early Sunday in Middle East time zones.

With agencies

Read more: IEA discussing further oil stock releases, chief Birol says