IEA Director Reassures: There's as Much Oil as Sand in Liepāja Beach

IEA Director Reassures: There's as Much Oil as Sand on Liepāja Beach

International Energy Agency Director Fatih Birol yesterday reassured worried oil traders by announcing there's a "significant surplus" of oil. Such an announcement in Liepāja has only prompted an approving nod, as our city has known for years what "significant surplus" means — just like the sand on Liepāja beach, where every summer locals go walking and wonder why it never runs out.

While Israel and Iran sort out their relationship with rockets, oil prices have jumped by a fifth, but Birol remains as calm as a Liepāja resident in a winter storm. "We are facing temporary disruptions, logistical disruptions," he said, apparently unaware that in Liepāja such disruptions are called "a regular day."

Particularly interesting is that due to the conflict, tanker traffic through the Strait of Hormuz has almost stopped — a passage through which a fifth of the world's oil exports flow. Liepāja port specialists responded with understanding: "If they have a strait problem there, let them come through our port — we have room for everyone." Local fisherman Jānis Kalniņš added: "Well, we also sometimes have logistical disruptions when the tram is late, but we don't raise oil prices because of it."

Meanwhile, economists worry about rising inflation, but in Liepāja we don't fret about it — everything has been getting more expensive for years at just the right pace to keep things interesting. The main thing is there's plenty of oil, and if someone runs short, they can always take a walk to Liepāja beach — there's no oil there, but there's enough sand for everyone with plenty left over.