IEA Warns of Major Global Energy Crisis Due to West Asia Conflict, Potentially Worse Than 1970s Oil Shock

Kathmandu. The International Energy Agency (IEA) has warned that the ongoing conflict in West Asia could trigger a major global energy crisis.

IEA Executive Director Fatih Birol stated that the current situation could be even more severe than the oil crisis of the 1970s.

Speaking at a media event in Canberra, Australia, Birol noted that the current crisis can be compared to the initial impact following Russia's invasion of Ukraine in 2022. He recalled that during the two major oil crises of the 1970s, global daily oil supply disruptions reached nearly 10 million barrels. However, he stated that the current situation involves a daily loss of 11 million barrels, which is significantly higher than in the past.

Executive Director Birol made it clear that no country in the world will be immune to the serious consequences of this energy crisis. The risk is heightened by the possibility that Iran could shut down the Strait of Hormuz, a crucial maritime route for oil and LNG supplies, according to BBC news.