Islamabad (HRNW)- Fatih Birol, the head of the International Energy Agency, has warned that if the Strait of Hormuz remains closed, global energy prices could increase significantly.
In his statement, he said that due to the current situation, severe volatility is expected in the global energy market, for which consumers should be prepared for price pressure.
According to Fatih Birol, the effects of the ongoing tension on energy supply could be immediately reflected in the global market, while the market will continue to be subject to uncertainty.
He added that according to estimates, it may take about two years for oil and gas production to return to pre-war levels, which is likely to worsen the global energy crisis.
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