Fatih Birol, executive director of the International Energy Agency (IEA), speaks during the 2019 CERAWeek by IHS Markit conference in Houston, Texas, U.S., on Monday, March 11, 2019. Photographer: F. Carter Smith/Bloomberg via Getty Images
The head of the International Energy Agency issued an ominous warning Monday for anyone looking forward to some relief from high energy prices and their downstream effects.
What they're saying:
IEA Executive Director Fatih Birol described the disruptions to the world’s oil supply caused by the Iran war as "the greatest energy security challenge in history," the Associated Press reported. It noted that one-third of the Mideast energy facilities the IEA monitors have been damaged.
High gas prices could continue
Birol suggested the damage could keep fuel and fertilizer prices high for "a prolonged period," according to the AP report. He added that April could be worse for the world economy than March because many fuel shipments that departed before the war started were still arriving at their destinations last month.
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The backstory:
The warning came after a meeting on Monday with the International Monetary Fund Managing Director Kristalina Georgieva and the World Bank President Ajay Banga.
What's next:
Birol added that his agency is prepared to release more oil from its reserves, but that he hoped that would not be necessary, according to Reuters. Its report noted that the IEA agreed to release 400 million barrels last month.
The Source: Information for this article was taken from the Associated Press and Reuters. This story was reported from Orlando.