Archive photo. Tensions in the Strait of Hormuz have led to disruptions affecting about 20% of global oil supplies
Birol noted that member countries have over 1.2 billion barrels of government strategic oil reserves and 600 million barrels of industrial reserves at their disposal.
In light of the current instability in oil markets, he initiated an emergency meeting to assess supply security and market conditions, as well as to decide whether to release emergency reserves onto the market.
Earlier, Birol also discussed the situation with energy ministers from G7 countries, informing them about the consequences of the conflict in the Middle East for oil and gas markets.
He highlighted that, in addition to the stoppage of maritime traffic in the Strait of Hormuz, there is a threat of reduced oil production, which creates "significant and increasing risks for the market."
Experts emphasize that the blockade of shipping in the Strait of Hormuz amid the U.S. and Israeli military operation against Iran has led to unprecedented disruptions in global oil supplies.
The tense situation in the Strait of Hormuz encompasses about 20% of global oil supplies.
Recently, the Islamic Revolutionary Guard Corps announced that Iran had begun mining the Strait of Hormuz, and in early March, they threatened to destroy any vessel daring to pass through this waterway.
It is worth noting that on March 9, the price of Brent oil reached $119.36 per barrel, which is 28.77% higher than previous values. On the same day, the price of gas on the European exchange exceeded $800 per 1000 cubic meters for the first time since January 2023.
It was also reported that several oil storage facilities in Iran were attacked by Israel. Bahrain's state oil and gas company Bapco Energies declared force majeure due to the escalation of the situation in the region, including a recent strike on one of its facilities.
Following Iran's retaliatory actions, Qatar suspended liquefied natural gas production at its largest plant. QatarEnergy halted LNG production after attacks on its facilities in Ras Laffan and Mesaieed. As a result of the attacks, operational production capacities were affected. QatarEnergy is a leading global LNG producer, supplying about 20% of the world's volumes.
