The International Energy Agency’s chief executive, Fatih Birol, has cautioned that the ongoing conflict will lead to significantly increased oil supply disruptions in April, with the effects likely to be felt in Europe shortly. According to Birol, the war has already resulted in a loss of approximately 12 million barrels per day of oil supply, as well as damage to around 40 critical regional energy infrastructure assets. In a recent podcast conversation with Nicolai Tangen, head of Norway’s sovereign wealth fund, Birol highlighted the pressing issue of dwindling jet fuel and diesel reserves, noting that this shortage is currently being felt in Asia but is expected to spread to Europe by April or May.
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