International Energy Agency Warns Gulf Oil Supply Recovery May Take Six Months

BlockBeats News, March 20th, the International Energy Agency (IEA) issued a stark warning on Friday: The ongoing conflict involving Iran could trigger the largest supply disruption in the history of the global oil market, and the normal flow of oil and gas in the Gulf region may take up to six months to recover.

According to the Financial Times, IEA Executive Director Fatih Birol stated that both policymakers and the market have underestimated the severity of this crisis, which could drive up energy prices and put pressure on the global supply chain.

The IEA emphasized that relying solely on supply-side measures is insufficient to stabilize the market. In a detailed proposal, the agency outlined a series of demand-side actions that could be immediately implemented to ease consumer pressures and ensure energy security. These include: immediate measures to reduce oil and gas demand, decrease industrial and residential energy consumption, and call for collective action. (Jinshi)