International Energy President: April may be more difficult than March for markets and the economy

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International Energy President: April may be more difficult than March for markets and the economy

Warn Head International Energy Agency Fatih Birol believes that the current month of April may be more difficult than March for Energy markets and the economy due to The ongoing war in the Middle East.
Birol added: "While in March shipments were delivered from the region that had been loaded long before the crisis began, nothing was loaded in April."
He continued to reporters after a meeting at the headquarters of the International Monetary Fund: "The longer the disturbance persists, the worse the problem becomes"

80 damaged facilities

His statements came during his meeting with leaders of International Monetary Fund and The World Bank on Monday as part of a group recently formed to coordinate responses to the economic repercussions of the war.
Birol indicated that the agency is monitoring energy facilities in the region, noting that out of more than 80 damaged facilities, more than a third of them were severely damaged.
He reiterated that the world faces a major challenge in the field of energy security, adding that… "No country is immune to this problem"

The Director General of the International Monetary Fund, Kristalina Georgieva, said that there is a need to understand the scope of the impact of the damage to infrastructure in the war, while the President of the World Bank, Ajay Banga, indicated that institutions are preparing for different scenarios related to the war, depending on the duration and severity of the conflict.

Closing the Strait of Hormuz

Since the outbreak of war in the Middle East following joint American and Israeli strikes on Iran on February 28, it has been closed. Tehran almost completely controls the Strait of Hormuz, through which a fifth of the world’s oil and liquefied natural gas production passes.
Last Wednesday, the United States and Iran agreed to a two-week ceasefire in order to allow negotiations to begin, but the talks held over the weekend in Islamabad failed, prompting US President Donald Trump to impose a blockade on Iranian ports.