IEA Director: US Operation Against Iran Triggered Largest Energy Crisis in History
Fatih Birol says current crisis dwarfs 1973 and 1979 oil crises with 13 mln barrels per day losses
Quick Look
- IEA Executive Director Fatih Birol has declared the energy crisis resulting from the US military operation against Iran as the largest in history, surpassing the 1973 and 1979 oil crises and the 2022 gas crisis.
- Current losses reach 13 million barrels per day in oil and 100 billion cubic meters in gas, with additional disruptions to fertilizers, petrochemicals, helium, and sulfur threatening global supply chains.
AI-generated summary
Why It Matters
The International Energy Agency has tracked three major energy crises in modern history: the 1973 oil crisis, the 1979 oil crisis following the Iranian Revolution, and the 2022 gas crisis linked to the Russia-Ukraine conflict. All previous crises resulted in significant but smaller market losses compared to the current situation.
WASHINGTON, April 23. /TASS/. International Energy Agency (IEA) Executive Director Fatih Birol has called the energy crisis resulting from the US military operation against Iran the largest in history. There have been three major energy crises in modern history: two oil crises in 1973 and 1979, and a gas crisis in 2022, he said. Both oil crises resulted in global market losses averaging 5 mln barrels per day, while the current crisis has seen losses reach 13 mln barrels per day. In 2022, the market lost 75 bln cubic meters (bcm) of gas, and this year, losses are estimated at 100 bcm. "In addition to oil and gas there are major disruptions in vital commodities, such as fertilizers, petrochemicals, helium, sulfur, which will have a significant impact on supply chains around the world that we will discover in the next weeks and months. We are indeed facing the largest energy crisis in the history now," Birol said, speaking in Singapore at an event organized by the American TV channel CNBC.
Open Questions
- What is the specific scope of the US military operation?
- How long will the energy crisis last?
- What mitigation measures is the IEA recommending?
