The conflict with Iran will affect global oil and natural gas markets for a long time. Recovery of output in the Gulf region may require approximately two years.
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The pace of recovery will differ from nation to nation, the leader of the International Energy Agency mentioned in an interview released today.
“In Iraq, for instance, it will require significantly more time than in Saudi Arabia.” “Nevertheless, we project that it will require around two years in total to attain pre-war levels once more,” Fatih Birol stated to the Neue Zürcher Zeitung, a Swiss newspaper in German.
Birol also indicated that investors were “undervaluing” the implications of a prolonged shutdown of the Strait of Hormuz. Oil prices have remained under $100 a barrel throughout this week.
Birol pointed out that prior to the war, multiple oil and natural gas tankers were already on their way to their destinations and have now reached them. However, no new tankers were dispatched in March, as there were no recent shipments to Asia.
“This difference is now becoming evident.” He cautioned, “If the Strait of Hormuz remains closed, we should brace for much higher energy costs.”
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Pakistani-flagged vessel completes unusual passage through Strait of Hormuz.
Tracking the Shalamar through the Strait of Hormuz on Friday.
Marine Traffic
A tanker with a Pakistani flag passed through the Strait of Hormuz on Thursday, as per Marine Traffic information analyzed by Xenixnews, marking an unusual passage through the strait during a US naval blockade.
The Shalamar disables its transponder at different locations, according to Marine Traffic. The ship is not under sanctions.
Marine Traffic data indicated that the ship was also partially loaded. It left the waterway carrying approximately 440,000 barrels of crude, a shipping source informed Xenixnews, noting that it is en route to the port of Karachi to unload its cargo on April 19.
“A senior shipping source from Pakistan stated to Xenisnews, ‘This is undoubtedly a Pakistani ship that has passed through the strait during the Iranian blockade previously,’ adding that ‘both the Iranians and Americans would have been aware of its passage through the strait.’”
The source indicated that the transponder being deactivated was for “security purposes.”
Nevertheless, the ship may still be intercepted by the US navy prior to arriving at its ultimate destination.
The head of US Central Command stated on Wednesday that the blockade of Iranian ports by the United States has been “fully implemented.” On Thursday, CENTCOM announced that 14 ships have altered their course to adhere to the blockade imposed by American forces after 72 hours of enforcement.
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