Apr. 16 at 4:34 PM
IEA Executive Director warns Europe has "6 weeks or so" of jet fuel remaining
“In the past there was a group called ‘Dire Straits.’ It’s a dire strait now, and it is going to have major implications for the global economy. And the longer it goes, the worse it will be for the economic growth & inflation around the world”
Economic pain will be felt unevenly and “the countries who will suffer the most will not be those whose voice are heard a lot. It will be mainly the developing countries. Poorer countries in Asia, in Africa & in Latin America,”
More than 110 oil-laden tankers & over 15 carriers loaded w/ liquefied natural gas are waiting in the Persian Gulf & could help ease the energy crisis if they could escape through the Strait of Hormuz to world markets....“But it is not enough”
Even w/ a peace deal, war-damage to energy facilities means it could be many months before pre-conflict levels of production are restored
“Over 80 key assets in the region have been damaged. And out of these 80, more than 1/3rd are severely or very severely damaged”
“It will be extremely optimistic to believe that it will very quick. It will take gradually, gradually, up to two years to come back where we were before the war"
"Unfortunately, energy is at the heart of many conflicts which, again, makes me, as an energy person, rather sad, to be honest"
$UNG $USO $VLO $SU $JETS