International Energy Agency

Iran war to keep petrol market tight for two more years: IEA

The agency says this can result in a shortfall of 120 billion cubic metres of LNG between 2026 and 2030

The market was underestimating the consequences of a prolonged closure of the Strait of Hormuz, said Fatih Birol.

Loss of energy output in Middle East due to Iran war will take about 2 years to recover: IEA chief

There were no new deliveries of oil, gas or fuels to Asian markets, said Fatih Birol

Iran has almost entirely blocked the traffic in the Strait of Hormuz, through which about 20 per cent of world oil and gas regularly flows.

Oil, gas crisis triggered by Iran’s Hormuz blockade worse than 1973, 1979, 2022 together: IEA chief

Countries most at risk were developing nations which will suffer from higher oil and gas prices

Further oil reserves can be released as necessary if the Iran war further disrupts global energy markets over the coming days and weeks, IEA executive director Fatih Birol said.

Over 40 Middle East energy assets ‘severely damaged,’ IEA says

Asia is at the forefront of this crisis, because of its heavy reliance on crude from the region

The Strategic Petroleum Reserve currently contains roughly 415 million barrels, about 60% of its capacity, following a series of withdrawals by the Biden administration.

US to release 172 million barrels of oil for IEA relief plan

Crude, petrol, diesel and jet fuel prices have climbed dramatically since the US and Israel began their military campaign against Iran on Feb 28

Resource-scarce Japan is vulnerable to disruptions to energy flows, as the war in the Middle East upends global oil and gas markets.

Japan to release 80 million barrels of oil from reserves

Governments are seeking to contain a surge in energy prices driven by the Middle East war

Trump is facing political pressure to address rising fuel prices that have been driven up by the spike in oil prices.

Trump signals US will tap oil reserve to ease price shock

The Strategic Petroleum Reserve currently contains about 415 million barrels

China has about 1.4 billion barrels of crude in strategic storage, according to estimates from Columbia University’s Center on Global Energy Policy.

Can tapping oil reserves tame the Iran war price shock?

China has in recent years built up what appears to be an even larger reserve capacity

Machinery transferring coal at a port in southwestern China. Demand in the country is expected to fall slightly by 2030 as renewable capacity increases.

Global coal demand hits record high this year but is set to decline by 2030: IEA

It is forecast to rise 0.5% in 2025 to a record 8.85 billion tonnes