IEA Reports 13M Barrels Lost Daily Amid Energy Security Threat

AI Summary

Fatih Birol, head of the International Energy Agency (IEA), reported that current global oil supply has decreased by 13 million barrels per day due to military conflicts and disruptions in the Strait of Hormuz. Previously, this strait facilitated the shipment of about 20 million barrels daily. Birol emphasized the imminent risk of a jet fuel shortage in Europe, which typically sources 75% from the Middle East. The IEA has released 400 million barrels from emergency reserves but warns that this will only alleviate immediate pain rather than resolve the ongoing crisis related to energy supplies.