Impact of the Iran War on Global Energy Supply and the Riyadh Summit
While the US and Israel's war against Iran disrupts global energy supplies, the 25th World Petroleum Council Energy Congress continues in Riyadh.
The war waged by the US and Israel against Iran has disrupted global energy supplies, pushing oil prices above $100 and restricting traffic in strategic waterways.
International Energy Summit Begins in Riyadh
Saudi Arabia is hosting the 25th World Petroleum Council Energy Congress in its capital, Riyadh, and the event will continue until Thursday.
Attack Targeting the Airport Occurs
As a result of the Houthis' attack on King Khalid International Airport in Riyadh, 12 people lost their lives and 309 people were injured.
Diverse Methods of International Participation
Italy, the co-host, will participate via videoconference in the 17th International Energy Forum Ministerial Meeting to be held within the scope of the congress, while Nigeria will send a representative.
Disruptions in Global Energy Flow
Conflicts and the state of war in the Middle East have significantly reduced maritime traffic in critical waterways such as the Strait of Hormuz, Bab el-Mandeb, and the Suez Canal.
High Oil Prices and Declining Reserves
While fossil fuels continue to account for 81 percent of global consumption, the US Strategic Petroleum Reserve has fallen to its lowest level since 1982, and oil prices remain above $100.