international
Iran war: Oil shortages threaten global energy security
Key takeaways
- Strategic petroleum reserves are declining rapidly as countries release emergency crude supplies to cushion the economic impact of the Middle East conflict.
- https://p.dw.com/p/5EOl KThe IEA has warned that oil stocks are falling quickly around the world Image: U.S.
- The crunch has sent countries worldwide scrambling for alternatives to fill the lost supply.
Why this matters: an international story with cross-border implications worth tracking.
Strategic petroleum reserves are declining rapidly as countries release emergency crude supplies to cushion the economic impact of the Middle East conflict.
https://p.dw.com/p/5EOl KThe IEA has warned that oil stocks are falling quickly around the world Image: U.S. Department of Energy/dpa/picture alliance Advertisement The Iran war and the subsequent closure of the Strait of Hormuz — a key waterway through which about 20% of the global oil trade passed before the conflict — have triggered an oil supply shock on a scale unseen in decades.
The crunch has sent countries worldwide scrambling for alternatives to fill the lost supply.
Article preview — originally published by DW English. Full story at the source.
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