War caused loss of 12 million barrels of oil supply per day, says IEA chief

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PARIS: The International Energy Agency (IEA) has issued a stark warning regarding the global energy market, with Executive Director Fatih Birol stating that oil supply disruptions in April will be ‘twice as bad’ as those seen in March.

Speaking on a podcast with Nicolai Tangen, head of Norway’s sovereign wealth fund, Birol revealed that the ongoing conflict has already wiped out approximately 12 million barrels of oil supply per day.

The impact of the war has been physical and systemic, with Birol noting that around 40 key regional energy assets have been damaged so far. While the crisis is currently most visible in Asia, the IEA chief expects the shockwaves to hit Europe by late April or May.

‘The biggest problem today is the lack of jet fuel and diesel,’ Birol emphasized. As supply chains tighten and regional infrastructure suffers, the global economy faces a critical shortage of the refined products essential for aviation and heavy transport.