International Energy Agency (IEA) Director Fatih Birol compared the current energy crisis to that of the 1970s and to the impact of Russia’s 2022 invasion of Ukraine.
Speaking at the National Press Club in Canberra, he said, “This crisis, as things stand, is now two oil crises and one gas crash put all together.”
“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 on this path. So there is a need for global efforts,” he said.
Birol added that at least 40 energy assets across the region had been “severely or very severely damaged” in the conflict and said the IEA is consulting with governments in Asia and Europe about the release of more stockpiled oil.
Earlier this month, IEA member nations had agreed to release a record 400 million barrels of oil from strategic stockpiles to combat the spike in global crude prices.
“If it is necessary, of course, we will do it. We look at the conditions, we will analyse, assess the markets, and discuss with our member countries,” he said.
Iran warns of shutting down the Strait of Hormuz
US and Israeli forces continue to bomb Iran, with more than 81,000 civilian units damaged since February 28, according to the Iranian Red Crescent Society.
Iran says it will completely shut the Strait of Hormuz if the US attacks its power plants, and warns of retaliatory attacks on regional energy and water desalination units.
