Over 40 oil, gas infra assets damaged in West Asia war: Top IEA official

A deepening crisis in West Asia is sending shockwaves through the global energy landscape, with more than 40 critical energy assets across nine countries reported to be “severely or very severely” damaged in the wake of the Iran war.

Speaking in Canberra, Fatih Birol, head of the International Energy Agency, delivered a stark warning: no nation will remain untouched by the cascading fallout of disrupted oil and gas supplies.

Drawing a sobering historical parallel, Birol said the current turmoil rivals — and may even surpass — the combined impact of the oil shocks of the 1970s and the 2022 gas crisis triggered by the Russian invasion of Ukraine. Where past crises slashed global supply by around 10 million barrels per day, today’s conflict has already erased approximately 11 million barrels from the market — an unprecedented blow to the world’s energy arteries.

Yet the damage extends far beyond crude. Birol painted a picture of a system under strain, where the disruption of oil and gas has begun to choke the flow of essential industrial lifelines — petrochemicals, fertilisers, sulphur, and even helium — threatening to ripple across economies and industries worldwide.

In response to the gathering storm, the IEA has moved decisively, announcing the release of a record 400 million barrels from emergency reserves held by its member nations. Discussions are now underway with governments across Asia and Europe over the possibility of further releases, should the crisis deepen.

At the heart of the disruption lies the paralysis of the Strait of Hormuz — one of the world’s most vital energy corridors — where shipping has slowed to a near standstill. Until this critical artery is reopened, Birol cautioned, any relief may prove fleeting.

His message was unequivocal: if the conflict continues to escalate, the global economy itself stands on the edge of a profound and far-reaching shock.

With IANS inputs