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Current oil and gas crisis worse than 1973, 1979, 2002 together
Fatih Birol said developing countries face the highest risk as the IEA coordinates a record 400 million-barrel emergency stock release.
- Following Israeli strikes, Iran has almost entirely blocked traffic in the Strait of Hormuz, through which about 20% of world oil and gas regularly flows, triggering severe energy price surges.
- Fatih Birol, head of the International Energy Agency, told Le Figaro the crisis is "more serious than the ones in 1973, 1979 and 2002 together," underscoring its unprecedented nature.
- Europe, Japan, and Australia face rising energy and food costs, while developing nations suffer most from higher prices and accelerating inflation amid the disruption.
- IEA member nations began releasing strategic reserves last month to buffer supply shortages; Birol noted some reserves have already reached the market and the process continues.
- In an interview with French newspaper Figaro, Birol stated, "The world has never experienced a disruption to energy supply of such magnitude," emphasizing the crisis's historic gravity.
82 Articles
82 Articles
Every word of Fatih Birol (Ankara, 1958) on the other side of the phone falls like a blow on a glass about to crack. For more than a decade he is at the head of the International Energy Agency (IEA), the body that coordinates the response of the world’s largest economies to the energy crises. The Turkish economist has become one of the most influential voices in the midst of the global energy crisis. And in recent weeks, with the Strait of Hormu…
The war in Iran is affecting the prices of, among other things, grain, chemical products, and helium.
The Iran war oil crisis is now worse than 3 of history's biggest energy shocks combined, IEA chief says
An oil tanker nears the coast of Scotland.Peter Summers/Getty ImagesThe war in Iran has created a severe energy shock as it drags into its second month. The IEA chief said the crisis is worse than 2022 and the 1970s shocks combined.US oil prices have risen more than 68% since the start of the war.The International Energy Agency chief warned that the oil shock from the Iran war is worse than several historic oil crises combined.The war is in its …
IEA Chief: Current Energy Crisis Worse Than 1973, 1979, and 2022 Combined
The current energy crisis is worse than the oil and gas crises of 1973, 1979, and 2022 taken together, as we are witnessing an unprecedented supply shock from the key exporting region, the Middle East, according to Fatih Birol, the executive director of the International Energy Agency (IEA). “The world has never experienced disruption to energy supply of such magnitude,” Birol told French newspaper Le Figaro in an interview published on Tuesday.…
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