Paris [France], March 23 (ANI): The world may be heading into one of the most serious energy crises in decades, International Energy Agency (IEA) Executive Director Fatih Birol warned, pointing to mounting disruptions in the Middle East from ongoing conflict. Speaking at the National Press Club of Australia, Birol said at least 40 energy facilities in the region have been “severely or very severely” damaged, raising major concerns about global supply stability.
He described the situation as an unprecedented compound shock to the global energy system, saying, “The crisis, as things stand, is now two oil crises and one gas crash put all together.” Birol warned the global economy faces a significant threat and urged a rapid resolution.
Damage to critical oil and gas infrastructure in the Middle East—central to global energy supplies—could trigger market disruptions, price volatility and shortages, he said, noting many economies already contend with inflationary pressures and slowing growth. Birol drew parallels to the oil shocks of the 1970s and the 2022 global energy shock following Russia’s invasion of Ukraine, but said the current disruption is more complex because it mixes oil and gas impacts.
The prospect of prolonged conflict increases uncertainty and the risk of further infrastructure damage. Policymakers and international institutions are closely monitoring developments, and Birol emphasized diplomacy as essential to stabilising markets and protecting economic stability. (ANI)
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