[International Energy Agency: Middle East Situation Threatens Energy Security, Crude Oil Market Still Supported by Multiple Factors] International Energy Agency (IEA) Executive Director Fatih Birol issued a statement saying that the recent escalation of hostile actions against energy infrastructure in and around the Strait of Hormuz has exacerbated concerns about global energy supply security and increased market uncertainty. The Bab el-Mandeb Strait, a crucial passage around the Strait of Hormuz, faces further threats, exacerbating these concerns. However, he also pointed out that the crude oil market is currently supported by several buffer factors. Gulf oil-producing countries such as Saudi Arabia and the UAE are maintaining supplies through alternative shipping routes, and some crude oil can still be exported through the Strait of Hormuz. The IEA estimates that while Gulf crude oil exports are lower than the highs at the end of June, they are still significantly higher than the levels from March to mid-June. Furthermore, increased exports from oil-producing countries such as the United States, Brazil, Venezuela, and Kazakhstan have partially offset supply losses in the Gulf region. China's reduction of nearly 50% in crude oil imports has also played a role in stabilizing the market. The IEA stated that since announcing the release of 400 million barrels of oil reserves on March 11, member countries have released approximately 290 million barrels into the market, and the continued release of emergency reserves is providing support.
