TechFlow News, April 5: According to the Financial Times (UK), Fatih Birol, Executive Director of the International Energy Agency (IEA), warned that if the Strait of Hormuz is not reopened to shipping, the volume of crude oil and refined products lost in April will be double that lost in March. Even if the conflict ends, it will take a long time to return to normal. “We are monitoring all key energy assets in the region on an hourly basis,” he said, referring to oil and gas fields, pipelines, refineries, and liquefied natural gas (LNG) terminals. “Currently, 72 energy assets have been damaged, with one-third suffering severe or very severe damage,” he added. Birol commended Saudi Arabia’s swift response to the crisis, noting that the country has rerouted more than two-thirds of its oil exports via a pipeline to the Red Sea. Birol stated that Saudi Arabia’s highest authorities assured him that this critical pipeline is well protected. However, Birol cautioned that an attack on this route would have extremely serious consequences for the global economy.
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