Industry executives warn that the global energy crisis is worsening; attempts to plug the supply gap are not enough.

Executives and oil ministers reaffirmed that the global energy crisis has worsened as emergency measures by governments around the world have failed to plug the huge shortfall of oil and gas caused by the U.S. and Israeli?war against Iran.

Energy, fertilizers, and petrochemicals costs are rising as the world loses up to 20 million barrels of crude oil per day due to the Iranian closure of the Strait of Hormuz shipping chokepoint. The reduction of one fifth of global oil supplies and gas has had a rapid impact on economies and supply chains.

United Airlines said on Tuesday that it could be forced to increase ticket prices up to 20%. The Philippines declared an energy emergency. Oil executives and energy minsters told the CERAWeek annual conference in Houston this week that the acute energy supply crisis now affecting Asia, a region heavily reliant on Middle East energy supplies, would spread to Europe by April.

In Asia, countries are taking steps to reduce their energy consumption. This includes implementing a four-day week and asking people to use the stairs instead of elevators and limit travel.

The U.S. lifted sanctions against some Iranian and Russian crude oil to allow refiners who are short on supplies to buy it.

Sheikh Nawaf al-Sabah said Tuesday that these aren't even "stopgap" measures.

Kuwait produced 2.6 million barrels of oil per day before the war and had to reduce its production and halt deliveries to refiners who bought its crude.

Saudi Arabia and the United Arab Emirates continue to export some oil through pipelines that bypass Strait of Hormuz. Al-Sabah stated that despite the emergency measures taken, the exports and other emergency measures do not cover the entire supply disruption.

He said that the emergency measures did not amount to "a drop in the barrel".

Takehiko Matsuo is the Vice Minister of International Affairs for Japan. The International Energy Agency is coordinating the release of strategic stocks. His country contributes 80 million barrels. He said that Japan had roughly three weeks' worth of gas stored.

If the war continues, supply shortages may hit Europe by April, both Shell CEO Wael Sawan and German Economy Minister Katherina Reiche said.

Sawan explained that they were working with the government to "just alert them" to the different levers they would need to pull. This includes the demand side and what they should do about storage.

He added that the lack of preparation had exacerbated challenges for Europe and the rest of the world.

Sawan said, "the problem is that we're more in reaction mode." "The best energy strategy is one that looks five or ten years ahead and builds resilience."

ConocoPhillips CEO Ryan Lance stated that it would be hard for operators in the U.S. to increase production meaningfully until 2027, regardless of oil prices.

Lance stated that U.S. producers have been executing their spending plans from earlier in the year, and they 'cannot easily change them.

The U.S. also is?the largest producer of natural gas liquefied. The U.S. is the world's largest producer of liquefied natural gas.

He said, "This is not going to be resolved overnight." This is a bad thing. You don't believe we would move faster if we had the ability? Reporting by Stephanie Kelly in Houston, Curtis Williams, and Sheila Dang; Writing by Liz Hampton ; Editing David Gregorio

(source: Reuters)