Rystad Energy: Mideast Energy Infrastructure Repair Costs Surge to $58 Billion

A recent Rystad Energy report indicates that repair costs for Middle East energy infrastructure have reached $58 billion, with over 75 sites damaged across the Gulf, one-third of them severely. IEA Executive Director Fatih Birol stated that the current energy shock is more severe than the 1973, 1979, and 2022 crises combined, as it simultaneously impacts oil, gas, food, fertilizers, petrochemicals, and helium. The crisis has left Iraq in near economic paralysis after losing two-thirds of its oil income, while Qatar's LNG production remains hampered by missile strikes. Furthermore, the IEA warned of a significant rise in developing countries' external debt due to surging commodity prices, as major firms like Exxon Mobil report substantial global production losses.