Addressing the National Press Club in the Australian capital Canberra, Fatih Birol said that the energy crisis resulting from the ongoing war between the US, Israel and Iran is tantamount to two oil crises and a gas crisis at the same time.
He said that the effective closure of the Strait of Hormuz and attacks on energy facilities have reduced global oil supplies by 11 million barrels per day, which is double the crisis of the 1970s.
According to Fatih Birol, liquefied natural gas supplies have also fallen by about 140 billion cubic meters, compared to a decline of 75 billion cubic meters after Russia s invasion of Ukraine in 2022.
He further revealed that 40 energy facilities in at least 9 countries have been severely damaged during the conflict, posing a major threat to the global economy.
The IEA chief said that the severity of the crisis was not fully understood before, which is why he spoke openly about the issue for the first time last week.
The organization has previously announced the release of 400 million barrels of oil from emergency reserves, while various proposals have also been put forward to reduce energy consumption, including promoting work from home, car pooling and reducing speed limits on motorways.
Fatih Birol said that if necessary, further strategic oil reserves are also being considered, but the most important solution to this crisis is to open the Strait of Hormuz, through which a fifth of the world s oil and LNG passes.
It should be noted that oil prices have increased by more than 50 percent since the start of the war (February 28). On the other hand, US President Donald Trump has given Iran a 48-hour ultimatum to open the Strait of Hormuz or its power plants will be targeted.
Iran has warned that if it is attacked, it will not only completely close the Strait but also target energy and water infrastructure in the region.
