{"id":589610,"date":"2026-04-17T11:00:28","date_gmt":"2026-04-17T11:00:28","guid":{"rendered":"https:\/\/www.newsbeep.com\/us\/589610\/"},"modified":"2026-04-17T11:00:28","modified_gmt":"2026-04-17T11:00:28","slug":"iea-chief-says-oil-gas-recovery-could-take-two-years-after-war-damage","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us\/589610\/","title":{"rendered":"IEA Chief Says Oil, Gas Recovery Could Take Two Years After War Damage"},"content":{"rendered":"

It could take up to two years to restore a meaningful share of oil and gas production lost in the Iran war, according to International Energy Agency chief Fatih Birol.<\/p>\n

That timeline matters because markets are still treating the disruption as temporary. It isn\u2019t.<\/p>\n

Oil fields, refineries, and pipelines have sustained damage across the Persian Gulf. The Strait of Hormuz has also been largely shut, cutting off a key export route for crude and fuels. Together, those disruptions have removed hundreds of millions of barrels from the market.<\/p>\n

<\/a><\/p>\n

In an interview with Bloomberg\u2019s Wall Street Week, Birol pushed back on the idea that supply would return quickly once shipping resumes. Reopening the Strait does not bring production back to pre-war levels, according to Birol. Facilities would need to be repaired and output would need to be restarted.<\/p>\n

Both take time.<\/p>\n

This follows earlier estimates from the IEA that the war has already knocked out as much as 13 million barrels per day<\/a> of oil production. Total export losses, including refined products, have been even higher. More than 80 oil and gas facilities across the region have been damaged.<\/p>\n

Natural gas could take even longer to recover. Some LNG terminals may need more than two years to return to normal operations after sustaining damage.<\/p>\n

The impact is already showing up in the physical market. Spot crude prices for immediate delivery have surged, with some barrels trading near $150. Refiners in Europe and Asia are competing for limited supply and, in some cases, cutting runs as shortages begin to take hold.<\/p>\n

Demand is starting to adjust. Birol pointed to early signs of demand destruction, including fuel rationing, reduced industrial activity, and rising inflation pressures in energy-importing economies.<\/p>\n

Those effects are expected to hit hardest in emerging markets, particularly in Asia and Africa, which rely heavily on imported energy.<\/p>\n

By Julianne Geiger for Oilprice.com<\/p>\n

More Top Reads From Oilprice.com<\/p>\n","protected":false},"excerpt":{"rendered":"It could take up to two years to restore a meaningful share of oil and gas production lost…\n","protected":false},"author":2,"featured_media":589611,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[257564,28,35197,257565,63757,228242,3310,15747,126],"class_list":{"0":"post-589610","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-birol","9":"tag-business","10":"tag-gas","11":"tag-gas-production","12":"tag-iea","13":"tag-iran-war","14":"tag-oil","15":"tag-oil-production","16":"tag-oil-supply"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/589610","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=589610"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/589610\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/589611"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=589610"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=589610"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=589610"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}