US EditionInternational Energy Agency Head Says Global Economy Faces ‘Major, Major Threat’ because of Iran War
- On March 23, International Energy Agency Executive Director Fatih Birol warned the global economy faces a 'major threat' and that 'no country will be immune' at the National Press Club, Canberra.
- Damage to energy infrastructure in nine countries has severely impacted more than 40 energy assets, delaying repairs to oil fields, refineries and pipelines, Fatih Birol said Monday.
- More than three weeks of conflict has all but closed the Strait of Hormuz, which carries about 20 percent of oil and gas shipments, and the IEA said the disruption equals the two 1970s oil crises and the 2022 natural gas crisis all put together.
- In early March the agency released emergency oil reserves, unveiling a record 400 million barrels, and last week proposed demand-cutting measures; further releases depend on the Iran war, but reopening the Strait of Hormuz remains essential.
- With the conflict entering its fourth week, Birol urged global efforts and said, 'I very much hope that this issue will be resolved as soon as possible'.
54 Articles
54 Articles
International Energy Agency head says global economy faces ‘major, major threat’ because of Iran war
The head of the International Energy Agency said Monday that the global economy faces a “major, major threat” because of the Iran war. “No country will be immune to the effects of this crisis if it continues to go in this direction,” Fatih Birol told Australia’s National Press Club in Canberra on Monday. He said the crisis in the Middle East has had a worse combined impact than the two oil shocks of the 1970s and the effect on gas markets of …
The world could face the most severe energy crisis in recent decades due to the war in the Middle East, warned Fatih Birol, director of the International Energy Agency (IAE), describing a "great threat" for the global economy, notes AFP.
Middle East crisis live: IEA chief says Iran war energy crunch worse than 1970s oil crises and Ukraine war combined
Middle East crisis live: IEA chief says Iran war energy crunch worse than 1970s oil crises and Ukraine war combined The Guardian Over 40 Middle East Energy Assets ‘Severely Damaged,’ IEA Says Bloomberg.com Iran war energy crisis equal to 70s twin oil shocks and fallout from Ukraine war, says IEA…
Al-Monitor
Global economy under 'major threat' from Strait of Hormuz crisis: IEA chief
The global economy is under "major threat" from the energy crisis caused by the Middle East war and "no country will be immune" to its effects, International Energy Agency chief Fatih Birol said Monday.Speaking at the National Press Club in Australia's capital, Birol compared the current energy crisis to those of the 1970s and the impact of Russia's 2022 invasion of Ukraine."This crisis as things stand is now two oil crises and one gas crash put…
IEA leader Fatih Birol sees a greater impact than the two successive energy crises in the 1970s because of the Iran war. Israel reportedly began a new wave of attacks on Tehran.
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