The head of the International Energy Agency has warned that the world is facing the most severe energy crisis on record, as conflict in the Middle East compounds existing pressures on oil and gas markets.
Speaking to France Inter, Fatih Birol said the situation had already reached unprecedented levels.
“This is truly the biggest crisis in history,” he said, pointing to the combined impact of oil and gas disruptions alongside earlier shocks linked to Russia.
Birol noted that the near halt of shipping through the Strait of Hormuz has sharply escalated concerns. Under normal conditions, around one fifth of global oil and liquefied natural gas supplies pass through the narrow passage.
The latest turmoil adds to the lingering effects of Russia’s war in Ukraine, which prompted the European Union to significantly reduce its reliance on Russian gas imports.
Earlier in April, Birol had already described the situation as worse than the crises of 1973, 1979 and 2022 combined, warning that global markets were heading into a “black April”.
“March was very difficult, but April will be much worse,” he said at the time.
In response to surging prices, the IEA agreed in March to release a record 400 million barrels of oil from strategic reserves in an effort to stabilise markets.
Source: CNA