Global energy crisis deepens - Efforts to fill supply gap fail
The global energy crisis is deepening, as emergency measures taken by governments around the world have failed to cover the massive shortage of oil and gas supplies caused by the US-Israeli war against Iran.
The cost of energy, fertilizers and petrochemicals is rising sharply, while the world is losing up to 20 million barrels of oil a day from Middle Eastern producers due to Iran's effective closure of the Strait of Hormuz. The impact of the reduction of a fifth of global oil and gas supplies is spreading rapidly across economies and supply chains.
United Airlines said Tuesday it may have to raise fares by up to 20%. The Philippines declared a national energy emergency. The acute energy supply shock now hitting Asia, the region most dependent on Middle Eastern supplies, will spread to Europe in April, oil executives and energy ministers said this week.
In Asia, countries are taking measures to reduce energy consumption, including implementing a four-day work week and asking citizens to limit travel and use stairs instead of elevators.
Governments around the world are releasing a record 400 million barrels of oil from strategic reserves, and the US has lifted sanctions on some Iranian and Russian oil so that refiners short on supplies can buy it.
Kuwait produced about 2.6 million barrels of oil per day before the war and has had to reduce production and halt shipments to refineries that buy Kuwaiti crude.
Saudi Arabia and the United Arab Emirates have maintained some exports flowing through pipelines that bypass the Strait of Hormuz. But these exports, as well as other emergency measures, do not come close to covering the supply disruption.
Supply shortages could hit Europe in April if the war continues, analysts say. They say the lack of preparation has exacerbated the challenges for Europe and other parts of the world.
The US is the world's largest producer of liquefied natural gas. But American producers cannot make up for the lack of supply from the Middle East because they are already at maximum production.
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