Energy Crisis Will Not Be Resolved Quickly if War Ends, I.E.A. Chief Warns
Fatih Birol, the leader of the International Energy Agency, said the Iran war was a bigger crisis than the two oil shocks in the 1970s combined.
Fatih Birol, the leader of the International Energy Agency, said the Iran war was a bigger crisis than the two oil shocks in the 1970s combined.
American and European oil and gas companies are expected to earn a lot more as prices surge but are worried about the future.
Strikes continued in the region as attacks on energy infrastructure rattled global markets.
President Trump first said the United States “knew nothing” about an attack on the gas field in Iran, which sent global oil and gas prices soaring. He then said he cautioned Israel against it.
Lasting damage to Ras Laffan Industrial City, the world’s largest liquefied natural gas export plant, would have big consequences for the global energy market.
Attacks on oil and natural gas facilities this week could make it much harder for Persian Gulf countries to rebuild and restart production when the war eventually ends.
President Trump said Israel was responsible for the attack, but vowed to “massively” destroy the gas field if Tehran hit Qatar’s energy facilities in retaliation.
Residents in Tehran and elsewhere say the attacks come at all hours and rock the ground.
The South Pars gas field, hit by airstrikes on Wednesday, is central to the energy supply of Iran, which was already suffering blackouts before the war.
The field is part of a vast gas reservoir shared by Iran and Qatar. The strike appeared to be one of the most significant attacks on an energy site since the U.S.-Israeli air war against Iran began.