IEA Says Gulf Can Resume Half of Shut Oil Fields Weeks After War
Cargo ships and tankers in the Strait of Hormuz, near Fujairah.
Photographer: Giuseppe Cacace/AFP/Getty ImagesTop Arab Gulf oil producers can return half of shut fields to prewar levels of production within two weeks once transits through the Strait of Hormuz resumes, the International Energy Agency said.
Resumptions are likely to rise to 80% over another month, but would be dependent on companies mobilizing labor and contractors, and the normalization of supply chains, the IEA said in its monthly oil market report. Restarting the remaining 20% would be more challenging because of a reduction in pressure in the fields and other constraints, it said Tuesday.