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World IEA: No Country Immune from Iran War's Oil Shocks

Webster

Webster

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No country 'immune' from potential worst energy crisis in decades
The Middle East war could spark an energy crisis worse than the combined shocks of the 1970s and comparable to the initial impacts of Russia's invasion of Ukraine in 2022.

That was the warning of Fatih Birol, Executive Director of the International Energy Agency, in comments made to Australian media at a press event in Canberra.

"Many of us remember the two consecutive oil crises in the 1970s... at that time, in each of the crisis, the world has lost about five million barrels per day, both of them together, 10 million barrels per day," Birrol said. "As of today, we lost 11 million barrels per day, so more than two major oil shocks put together.

He added that no country "will be immune" to the energy consequences of the crisis, as shipments of oil and liquefied natural gas (LNG) flowing through a vital channel – the Strait of Hormuz – remains stifled by an Iranian blockade.
 
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