by Brian Shilhavy, Health Impact News:
As the war in Iran rages on with no signs of stopping anytime soon, the worldwide energy crisis is expanding.
The Philippines appears to be the first country to declare a State of Emergency, as their fuel supplies have dwindled to only 45 days’ worth.
From The Daily Tribune (Philippines):
After weeks of not admitting that the country is experiencing a crisis, President Ferdinand Marcos Jr. on Tuesday released an Executive Order declaring the whole country under a National State of Emergency and authorizing the unified package for livelihoods, industry, food and transport.
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Under Executive Order 110, signed by the President in Malacanang Palace, it said that the declaration was due the ongoing hostilities in the Middle East involving the United States of America, Israel, and Iran, which have heightened geopolitical tensions in the region that plays a critical role in global oil production and transportation, creating uncertainty in global energy markets, severe disruptions in supply chains, and significant volatility and upward pressure on international oil prices, thereby posing a threat to the country’s energy security.
The Order also cited the closure of the Strait of Hormuz, a critical energy corridor for global oil shipments, which disrupted the flow of petroleum products to international markets and constrained global fuel supply, with corresponding implications on the stability and adequacy of our domestic energy supply.
Energy Secretary Garin, also on Tuesday, maintained that the fuel supply of the country, including jet fuel, has buffer stocks, stressing that on average, there is around 45 days’ worth of supply for the whole country to date, based on their talks with fuel companies.
In particular, the current domestic supply of gasoline is expected to last for the next 53.14 days; diesel, 45.82 days; kerosene, 97.93 days; jet fuel, 38.62 days; fuel oil, 61.49 days; and liquified petroleum gas, 23.51 days.
The International Energy Agency (IEA) is warning that the ongoing US-Israel-Iran conflict has already removed around 11 million barrels per day from global oil supply, an impact larger than past oil crises combined.
IEA Executive Director Fatih Birol told the National Press Club in Canberra, Australia, on Monday that the current disruption exceeds the combined supply losses of the 1973 and 1979 energy shocks.
Global energy crisis deepens amid US-Iran tensions in Strait of Hormuz
From CGTN (Beijing, China)
Excerpts:
Global energy markets are facing one of the most severe disruptions in decades, with the International Energy Agency (IEA) warning that the ongoing US-Israel-Iran conflict has already removed around 11 million barrels per day from global oil supply, an impact larger than past oil crises combined.
IEA Executive Director Fatih Birol told the National Press Club in Canberra, Australia, on Monday that the current disruption exceeds the combined supply losses of the 1973 and 1979 energy shocks.
On March 11, IEA member nations agreed to release a record 400 million barrels of oil from strategic reserves – about 20% of total stocks – to curb rising global crude prices. While the drawdown may ease market pressure, Birol emphasized that it is not a long-term solution. “The single most important solution is reopening the Strait of Hormuz,” he said.
The Strait of Hormuz, through which roughly 20% of global oil shipments pass, has recently come under the spotlight after US President Donald Trump threatened strikes on Iran’s power and energy facilities if it doesn’t open the strait. Meanwhile, Iran has defied the threat and stressed that the strait is blocked only for “aggressors.”
The latest Middle East tensions sent oil and gas prices swinging sharply on Monday. Brent crude briefly rose above $113 per barrel, a 50% gain since the conflict began, amid fears of a supply disruption as Trump’s 48-hour ultimatum expired. Prices later dropped below $100 after Trump announced “very good and productive” talks with Iran and delayed strikes for five days, only to rebound again as Iran denied any negotiations.
In an interview with CMG, Qin Tian, deputy director of the Institute of Middle East Studies of China Institutes of Contemporary International Relations, said this round of the energy crisis surpasses the oil crises of the last century in terms of scale, impact and nature.
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