Oil supply disruptions from the Middle East will rise this month and will hit Europe as supplies dwindle due to the closure of the Strait of Hormuz, according to International Energy Agency executive director Fatih Birol.
“The loss of oil in April will be twice that of oil loss in March, on top of the loss of LNG,” Mr Birol told a podcast with Nicolai Tangen, the head of Norway’s sovereign wealth fund.
“The biggest problem today is the lack of jet fuel and diesel. We are seeing that in Asia, but soon, I think, in April or May, it would come to Europe.”
