Iran war energy crisis equal to 70s twin oil shocks and fallout from Ukraine war, says IEA chief
Iran war energy crisis equal to 70s twin oil shocks and Ukraine invasion fallout, says IEA chief | First Thing
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The head of the International Energy Agency (IEA) warned that the current global energy crisis, triggered by bombings in Iran and the closure of the Strait of Hormuz on February 28th, is equivalent to the combined impact of the 1970s oil shocks and the fallout from the Ukraine war. IEA Executive Director Fatih Birol stated the crisis has resulted in the loss of 11 million barrels of oil per day and 140 billion cubic meters of gas, exceeding previous crises. The IEA has urged demand-side measures and released 400 million barrels of oil from strategic reserves. The closure of the Strait of Hormuz, a vital route for 20% of global oil supply, has caused shortages and anxiety, particularly in the Asia Pacific region. The US president has given Iran a deadline to reopen the strait or face destruction of its energy infrastructure.
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AI-ExtractedDonald Trump gave Iran 48 hours to reopen the strait to shipping.
About 20% of the world’s oil supply is transported through the strait of Hormuz.
The IEA pushed for demand-side measures such as increases in the number of employees working from home.
The current crisis represents the loss of 11m barrels of oil per day and about 140 bcm of gas.
Global energy crisis caused by war in Iran is equivalent to the combined force of the twin oil shocks of the 1970s and the fallout of Russia’s invasion of Ukraine.
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