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France confirms oil crisis, says 30-40% Gulf energy infrastructure destroyed (www.france24.com)
submitted 7 months ago by to c/globalnews@lemmy.zip
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France's Finance Minister Roland Lescure revealed on Wednesday that between 30 and 40 per cent of Gulf refining capacity has been damaged or destroyed by Iran's retaliatory strikes, leaving a shortage of 11 million barrels a day on global oil markets. Lescure warned it could take up to three years to restore damaged facilities, and several months to restart those that were urgently shut down.

Archived version: https://archive.is/newest/https://www.france24.com/en/france-confirms-oil-crisis-says-30-40-gulf-energy-infrastructure-destroyed

Disclaimer: The article linked is from a single source with a single perspective. Make sure to cross-check information against multiple sources to get a comprehensive view on the situation.

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14 comments in c/world@lemmy.world view that post
[–] 40 points 7 months ago* (last edited 7 months ago) (4 children)

Trump, doing more to fight climate change than anyone ever thought possible.

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  • [–] [S] 17 points 7 months ago*

    For oil, I'd guess so. With COVID-19, there was a substantial reduction.

    Though a wrinkle is that it's also disrupting LNG shipments. Coal power generation is a substitute good for natural gas power generation. One way that countries in Europe offset reduced natural gas availability when Russia cut supply was to increase (more-carbon-intensive) coal use, and I assume that the same thing will happen again now, so that might cause emissions from electrical power generation to rise, even if supply of a fossil fuel falls.

    I expect that as we see what happens on the policy front and with consumer choice in response, that there will be people going off and modeling the impact.

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    • [–] [S] 21 points 7 months ago (2 children)

    The title is a bit clickbaity

    the actual article text is "damaged or destroyed"

    but it does give an idea for how much output could be immediately resumed if all hostilities were stopped immediately.

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  • [–] 13 points 7 months ago

    Damaged is as good as destroyed for the short term market. Much of this oil field equipment is pretty specialized and considering the widespread damage, both materials and skilled labor for repairs will be in short supply. Even if hostilities ended tomorrow, it will probably take 9-12 months to restore output from all damaged facilities, and outright destroyed ones may never ever come back online.

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    • [–] 9 points 7 months ago

    Thanks Obama!

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    [–] 8 points 7 months ago (1 child)

    Thanks to Demented Donny, EV sales are up in Australia.

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    • [–] 6 points 7 months ago (2 children)

    The only mystery in all this is how Trump expects to continue profiting from it. Insider trading? Relying that higher pump prices also mean higher profits for oil companies?

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  • [–] 4 points 7 months ago

    I assume he thinks that American companies will get the contracts to rebuild it all, and control the oil afterwards. Specifically, American companies which have shown the appropriate gratitude to him.

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    • 6 comments in c/world view that post
    [–] 26 points 7 months ago (4 children)

    Now use this opportunity to radically embrace renewables.

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    • [–] 6 points 7 months ago

    France's Finance Minister Roland Lescure revealed on Wednesday that between 30 and 40 per cent of Gulf refining capacity has been damaged or destroyed by Iran's retaliatory strikes, leaving a shortage of 11 million barrels a day on global oil markets. Lescure warned it could take up to three years to restore damaged facilities, and several months to restart those that were urgently shut down.

    Meanwhile, Italian Prime Minister Giorgia Meloni has travelled to Algeria for emergency energy talks, seeking to secure increased gas deliveries to Italy as the country scrambles to replace lost LNG supplies from Qatar.

    With fossil fuel supplies under severe strain, both the UK and Germany signalled on Wednesday that the energy crisis is accelerating their green transitions.

    This comes as European Central Bank President Christine Lagarde assured the continent that the ECB has several options for dealing with the inflation shock triggered by the US-Israeli war on Iran, and vowed that policymakers would not be "paralysed by hesitation".

    11 million is about 10% of global output I think. Also, that's a lot of barrels. Fucking gross if you think about it.

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    2 comments in c/worldnews@sh.itjust.works view that post
    [–] 4 points 7 months ago (1 child)

    Let the mother fucker burn, burn mother fucker burn!

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  • [–] 3 points 7 months ago

    It will be funny if oil goes $200+ because it means everyone gets serious about solar. Meaning when capacity is restored prices will be even lower further reducing the chance of the US making any money on its oil.

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    • 1 comment in c/world view that post
    [–] 8 points 7 months ago

    This is just a "forever" crisis now, huh.

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