According to Reuters, IEA Director Fatih Birol warned on the 16th that if the Strait of Hormuz does not resume navigation within several weeks, global energy security will be at risk.
He stated at an event organized by the American Council on Foreign Relations that if the United States and Iran cannot increase oil transportation through the Strait of Hormuz as soon as possible, the world should be concerned about energy security issues.
"Oil safety remains a core and crucial issue. If the situation does not improve in the coming weeks, we should feel worried, I personally am very concerned about this." Borer said.
He also stated that the oil and gas supply crisis has uneven impacts on the economies of different countries around the world: the region most severely affected is Asia, where 80% to 90% of energy imports rely on the Hormuz Strait. Japan and South Korea have been significantly impacted, while developing nations such as Pakistan, Bangladesh, and India have suffered the greatest losses.
Birrell mentioned the potential health risks faced by people in developing countries: as oil prices remain high and unaffordable, local people, especially women, have to switch to alternative cooking fuels that emit large amounts of harmful pollutants, such as feces and wood.
