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Apart from the other impacts of the military conflict, such as the loss of lives, economy and developmental problems, West Asia happens to be a major supplier of oil and gas based energy to the world. According to energy and economy experts, it is impossible to gauge exactly how much loss of energy resources has happened because of the conflict going on in West Asia. But certain markers are significant.
India is undergoing a major crisis of LPG cylinders, which are seeing dramatic rise in prices. Common people are worried about getting cooked food because most of Indian food is cooked with gas cylinders. Electricity is expensive and not always available everywhere. Further, experts have estimated that the US was already going through an economic decline and job losses when the conflict escalated. US is regarded as the largest consumer of oil and gas. With the energy sources of West Asia in crisis, oil and gas prices may escalate in the US, leading to a general rise in inflation.
TotalEnergies is an integrated energy company that produces and markets energies in the form of oil and biofuels, natural gas, biogas and low-carbon hydrogen, renewables and electricity. It has issued an advisory of the impact of the conflict in West Asia on its energy production bases. Among its bases, UAE onshore and Satorp oil production bases are normal at the moment. Out of these, Satorp supplies to Saudi Arabia. However, production in Qatar, Iraq and UAE offshore are either shut down or are in the process of shutting down. TotalEnergies has cautioned that there my be an imminent rise in oil and gas prices.
We need to remember that the industries also need oil and gas. With the industrial slowdown, there may be a dramatic change in socio-economic patterns across the world.
The world needs to prepare for the situation and time is running out.
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