Baku: Trading and energy companies are urging for a swift resolution to the challenging situation in the Middle East, with hopes for a timely resolution, stated Taghi Taghizade, Chief Commercial Officer of SOCAR Trading, during his address at the 2nd Caspian and Central Asia Oil Trade and Logistics Forum organized by GLENMAR Group.

According to Azeri-Press News Agency, Taghizade emphasized that resolving the Middle East situation is crucial for facilitating global trading operations in energy resources. He described the condition in the Strait of Hormuz as extreme, noting that it has been effectively closed for two months. This blockade has resulted in a significant global loss of approximately 700-800 million barrels of oil, with the market deficit standing at 13-15 million barrels per day.

Taghizade pointed out that while Saudi Arabia and the UAE are exploring alternative routes, they are unable to fully address the challenges facing global oil flows. He highlighted the importance of energy resources, not only for fuel production but also for high-tech sectors that demand substantial electricity consumption.

In conclusion, Taghizade stressed that the current energy trade issues have worldwide implications, and a resolution is necessary to mitigate risks associated with trading operations.