IEA chief warns of ‘very severe’ global energy crisis

In March 2026, the head of the International Energy Agency (IEA), Fatih Birol, warned of a potentially "very severe" global energy crisis. The warning comes as the Iran war threatens global oil supplies. The IEA is considering releasing more oil reserves to mitigate the impact of potential supply disruptions. The IEA's action is in response to concerns about the stability of the global energy market amid geopolitical tensions and the potential for significant supply shortages. The organization is monitoring the situation closely and prepared to act to stabilize the market.