The Executive Director of the International Energy Agency (IEA), Fatih Birol, warned on Monday that the world could face its worst energy crisis in decades due to the war in the Middle East, emphasizing that the situation is "very serious."
Speaking at the National Press Club in Canberra, Birol stated, "So far, we have lost 11 million barrels per day (bpd), which is more than what was lost during the two major oil crises of the 1970s combined."
He added, "At that time, the world lost about 5 million bpd in each crisis, totaling 10 million bpd if both are combined."
He also pointed to the repercussions of the war in Ukraine since 2022, noting that the current situation "represents, at this stage, two oil crises and a collapse of the gas market."
Birol confirmed that at least 40 energy sites in nine Middle Eastern countries have been "severely or very severely" damaged by the war.
"No country will be immune to the effects of this crisis if it continues this way. Therefore, it is important to act on a global scale," he said. "The global economy faces a grave threat, and I hope this problem is resolved as quickly as possible."
Since the outbreak of the war following a U.S.-Israeli attack on Iran on February 28, Tehran has retaliated by targeting regional countries and nearly completely closing the Strait of Hormuz—a vital artery for Gulf energy exports. This has led to a sharp rise in global oil and gas prices.
On Sunday, Iran threatened to close the strait entirely, a day after U.S. President Donald Trump vowed to destroy its energy plants if the strait is not opened within two days.
Trump posted on his Truth Social platform on Saturday night: "If Iran does not fully open the Strait of Hormuz, without any threat, within 48 hours from now, the United States of America will strike and completely destroy its various energy plants, starting with the largest!"
In an attempt to curb rising oil prices, the United States on Friday authorized the sale and delivery of Iranian oil and its derivatives stored on tankers for a period of one month. However, Tehran reported that it has no surplus crude oil currently at sea.
AFP
