Middle East Conflict May End, But Energy Crisis To Persist: IEA Chief Explains Why
\n\nThe Middle East conflict may eventually come to an end, but its impact on global energy markets could last much longer, according to the International Energy Agency (IEA) Chief. Disruptions to oil supplies, energy infrastructure and trade flows could keep prices volatile and pose risks to the global economy.
\n\nInternational Energy Agency (IEA) Executive Director Fatih Birol has stated that energy markets are unlikely to return to their pre-war conditions in 2027, urging governments and businesses to place energy security first.
\n\nSpeaking at the Singapore International Energy Week conference on Monday, Birol said the conflict, which began in late February, had derailed expectations of an energy market surplus this year. Instead, disruptions to global energy flows have tightened supplies, driving up benchmark crude oil prices and the cost of refined fuels. "I am afraid I don't see any credible pathway that the markets will go next year, where we were before this war has started," Birol said.
\n\nHe also urged countries and companies to prepare for a prolonged period of uncertainty, with energy security taking priority while they also consider what comes next. "So therefore, we…
Original source: https://www.timesnownews.com/business-economy
