DID Press: International Energy Agency (IEA) issued an urgent warning that the world is on the brink of a global energy crisis even more severe than the oil shocks of the 1970s.
Fatih Birol, the IEA’s Executive Director, emphasized that if conflicts in the Middle East continue, the resulting disruptions to energy supplies could surpass the combined impact of the 1970s oil crises.
According to Birol, escalating war in the region and recent attacks by Israel on Tehran have severely affected global energy supply, with a significant portion of daily oil production lost. He stated: “What we are witnessing now is a combination of two oil crises and a collapse in the gas sector.”
The agency reports that at least 40 energy facilities in the Middle East have already sustained severe or critical damage, pushing oil prices above $100 per barrel.
Birol warned that if this trend continues, no country will remain immune to the consequences, and global markets will face even greater instability.
Simultaneously, the IEA is considering releasing strategic oil reserves to stabilize the market, reflecting the severity of concerns about the future of global energy supply.