Viewpoint: IEA's Record Release from Oil Reserves Plan Suggests Middle East War Could Last for Months

BlockBeats News, March 12th, according to CNBC, the International Energy Agency (IEA)’s release of the largest-ever oil reserves plan has sent a clear signal: the energy market believes that the duration of the Iran war may be much longer than expected.

Andy Lipow, President of Lipow Oil Associates, said that the IEA's action has been interpreted by some in the market as indicating that this conflict could last for several weeks. Saul Kavonic, energy analyst at MST Marquee, also believes that the scale of this release highlights how severe the oil shortage risk is, indicating that the IEA believes this war is unlikely to end soon.

Bob McNally, President of Rapidan Energy Group, said that traders are realizing that the release plan can only offset a small part of the shortages caused by the blockade of the Strait of Hormuz. Unless a ceasefire is achieved or Iran's military capacity is reduced, allowing oil tanker transport to resume, oil prices may continue to rise.