Fatih Birol

The situation will gradually improve, but according to our analysis, it can take up to two years

to see the big chunk of the production coming back to the before-war levels.

It will improve gradually, but it will not be immediately coming back to the pre-war levels.

And some of them may be even longer than two years, especially some of the LNG terminals.

The passage daily 150 ships has dropped to maybe 5 to 10 ships at best.

So that is hugely disruptive.

The impact of such will be felt way beyond the Middle East and that is one worrying factor for us.

The scale of the problem is huge.

And countries will suffer under this.

Some more than the others, but I can tell you, no country, but no country is immune to this problem.

The scale of the problem is huge, and countries will suffer under this.

Some more than the others, but I can tell you, no country, but no country is immune to this problem.

The IEA says during the month of March, production decreased 25 percent in Saudi Arabia, more than 60 percent in Kuwait, and 80 percent in Iraq.

but the countries must keep some level of production going to avoid the consequences of shutting down oil wells, which can cause significant damage.

Once stopped, some wells are difficult to start again.

Others become entirely unusable.

IEA President Fatih Birol says the U.S.-Israeli war with Iran has resulted in the greatest threat to world energy security ever.

Eleanor Beardsley, NPR News, Paris.

So this supply shock is

three times bigger than the ones that we saw in the 1970s.