English transcript

What do you think the situation is with supplies, with the Strait of Hormuz?

The situation is very severe, I can tell you that.

In fact, as it started some three weeks ago,

I decided not to talk to the press for three weeks.

But last Friday I thought I should say a few things

because I thought the depth of the problem was not well appreciated

by the decision makers around the world.

Let me explain to you how challenging the situation is.

Many of us remember the two consecutive oil crises in the 1970s,

1973 and 1979.

And at that time, in each of the crises,

the world has lost about 5 million barrels per day.

Both of them together, 10 million barrels per day.

And after that, we all know that there were major economic problems

around the world, the recessions.

And today, only as of today, we lost 11 million barrels per day.

So more than two major oil shocks put together.

Plus, after Russia's invasion of Ukraine,

the gas markets, especially in Europe,

we lost about 75 billion cubic meters, 75 BCM.

And as of now, as a result of this crisis,

we lost about 140 BCM, almost twice.

So the situation is, if we want to put it in context,

this crisis, as it stands now,

two oil crises and one gas crisis put all together.

And, if I may, not only oil and gas,

some of the vital arteries of the global economy,

such as petrochemical, such as fertilizers,

such as sulfur, such as helium,

their trade is all interrupted,

which would have serious consequences for the global economy.

Which is the reason I decided to make statements,

and I understand now it is better understood.