Two-Year Timeline Set for Restoring Oil and Gas Production A full recovery of Persian Gulf oil and gas production lost due to conflict-related damage could take up to two years, according to a recent assessment by Fatih Birol, the Executive Director of the International Energy Agency (IEA). [1] This timeline, provided by Birol in an interview, challenges market assumptions that the current supply disruption is a temporary shock. [1] According to the IEA, the combination of a prolonged blockade of the Strait of Hormuz and widespread damage to critical infrastructure has removed hundreds of millions of barrels from the global market.…
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