US warns Americans worldwide to show ‘increased caution’ - as it happened
The Guardian • • business
Key Points:
- The International Energy Agency (IEA) chief Fatih Birol warned that the world is currently losing 11 million barrels of oil per day, exceeding the combined losses of the 1973 and 1979 oil crises, signaling a very serious global energy crisis.
- The crisis has also severely impacted gas markets, petrochemicals, and fertilizers, with damaged energy assets in the Middle East across nine countries further exacerbating supply disruptions.
- Birol recommended energy-saving measures such as working from home, reducing speed limits, and cutting air travel, noting that some countries in the Asia-Pacific region have already adopted these strategies.
- Tensions in the Middle East continue to rise, with Israel launching strikes on Tehran, Iran threatening retaliation targeting energy and water infrastructure, and ballistic missile and drone interceptions reported in Saudi Arabia.
- Economic concerns are mounting globally, with countries like the UK holding emergency meetings to address fallout from the conflict, while financial markets, including Australia's share market, have plunged amid fears over oil supply disruptions.
