Fatih Birol, head of the International Energy Agency, stated that oil security remains a critical issue and expressed concern about potential energy shortages if oil flows through the Strait of Hormuz are not improved soon, particularly if the US and Iran do not cooperate.
The ongoing conflict and its impact on oil supply through the Strait of Hormuz pose a significant threat to global energy security and the world economy, potentially leading to fuel shortages and economic instability.
Fatih Birol, the head of the International Energy Agency (IEA), has emphasized that oil security remains a critical global issue. He expressed concern that if the United States and Iran do not collaborate to improve oil flow through the Strait of Hormuz, the world could face significant energy security problems in the coming weeks.
Birol stated that the current energy crisis, exacerbated by the conflict involving Iran, is more severe than the combined impact of the 1970s oil shocks and the energy shortages following Russia's invasion of Ukraine. He noted that global oil supplies have been reduced by approximately 11 million barrels per day, more than double the shortfalls seen in the 1970s crises. Additionally, liquefied natural gas (LNG) supplies have decreased by about 140 billion cubic meters, and at least 40 energy facilities across nine countries have been severely damaged.
The IEA chief warned that the global economy faces a major threat from this energy crunch and expressed hope for a swift resolution. He also indicated that Europe has approximately six weeks of jet fuel remaining, raising concerns about potential flight cancellations if oil supplies remain blocked.