International Energy Agency (IEA) chief Fatih Birol compares the current energy crisis to those of the 1970s and the impact of Russia's 2022 invasion of Ukraine
International Energy Agency (IEA) chief Fatih Birol compares the current energy crisis to those of the 1970s and the impact of Russia's 2022 invasion of Ukraine
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 all together," Birol said.
"The global economy is facing a major, major threat today, and I very much hope that this issue will be resolved as soon as possible.
"No country will be immune to the effects of this crisis if it continues to go in this direction. So there is a need for global efforts."
US President Donald Trump and Tehran have issued tit-for-tat threats as the war entered its fourth week, with the US president demanding the Islamic republic reopen the blocked Strait of Hormuz, through which around 20 percent of the world's oil and gas shipments transit.
The bottleneck has nearly halted all petroleum shipments through the narrow waterway.
Oil prices rose again early Monday, with US benchmark crude briefly touching the $100-per-barrel mark.
Birol told Australian media that at least forty energy assets across the region had been "severely or very severely damaged" in the conflict.
Keep it Clean. Please avoid obscene, vulgar, lewd,
racist or sexually-oriented language. PLEASE TURN OFF YOUR CAPS LOCK. Don't Threaten. Threats of harming another
person will not be tolerated. Be Truthful. Don't knowingly lie about anyone
or anything. Be Nice. No racism, sexism or any sort of -ism
that is degrading to another person. Be Proactive. Use the 'Report' link on
each comment to let us know of abusive posts. Share with Us. We'd love to hear eyewitness
accounts, the history behind an article.
(0) comments
Welcome to the discussion.
Log In
Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.