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‘We are facing the biggest energy security threat in history,’ IEA chief says

Fatih Birol said the 32-member agency’s 400 million-barrel stockpile release will only buy time as 13 million barrels a day remain offline.

  • On Thursday, International Energy Agency Executive Director Fatih Birol told CNBC the world is "facing the biggest energy security threat in history," stemming from closure of the Strait of Hormuz, a critical maritime passage for global oil supplies.
  • Conflict between Iran, the United States, and Israel caused a "double-blockade" of the strait, halting 20% of global oil and liquified natural gas supplies. Iran's attacks damaged 84 facilities, suspending 13 million barrels of daily production.
  • Europe faces an "imminent jet fuel crunch" as 75% of its supply from Middle Eastern refineries is "basically now down to zero." The 32-member IEA released 400 million barrels from emergency stockpiles in March to mitigate rising prices.
  • "This is only helping to reduce the pain, it will not be a cure," Birol explained regarding emergency stock releases. He emphasized that opening the Strait of Hormuz is the only viable solution to restore global transit.
  • The crisis will likely accelerate the transition to alternative energy, as Birol expects "similar reactions from governments" to boost nuclear power and renewables. Long-term shifts towards electric vehicles are anticipated despite temporary fossil fuel reliance.
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The US and Iran are blocking the streets of Hormus. The head of the International Energy Agency believes that Europe, in particular, may soon face difficulties.

·Germany
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Maritime Reporter broke the news on Tuesday, April 21, 2026.
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