Experts explain to Ofoq News an “unprecedented” energy crisis in light of the war on Iran

Majed Jaafar, CEO of Crescent Petroleum, one of the oldest oil and gas companies in the region, stated that the sector “has never witnessed a global energy crisis like this,” referring to the US war on Iran. This came in a statement by Jaafar with his colleague Eleni Giokos from the Ofoq News network, where he said: “We have never seen a war that included every country in the Middle East,” referring to the ongoing conflict between the United States and Iran, and the resulting widespread disruption of shipping movement through the Strait of Hormuz. It is a vital waterway through which about 20% of the world’s crude oil and liquefied natural gas supplies pass.”

Jaafar added: “Given what happened this year, energy security has become synonymous with public security.” For his part, Hing Chow, Chairman of the Board of Directors of the Hong Kong-based Wah Kwong Shipping Company, explained that although intermittent oil and gas transfers have occurred through the Strait of Hormuz recently, this is “not enough,” and stressed that “reaching a permanent solution requires a deeper treatment of the crisis.”

In a related context, Esther Baiget, president and CEO of the global biotechnology company Novonisys, pointed out that biotechnology-based solutions represent one of the many answers to the current energy problem, adding that biofuels have already begun to relieve pressure on the oil market, which is suffering from great tensions. It is noteworthy that the Strait of Hormuz witnessed an actual closure at the height of the conflict between the United States and Iran earlier this year, which led to a rise in oil prices.

Prices remain at high levels, partly due to ongoing threats of possible Iranian attacks.