Fatih Birl, President of the International Energy Agency (IEA), warned today that the current oil and gas crisis triggered by the blockade of the Strait of Hormuz is “more serious than the crises in 1973, 1979 and 2022.”
In an interview with Le Figaro, he warned: ‘The world has never experienced such a major disruption in energy supply.’
He said that while developed countries will suffer, the countries most at risk are developing countries, which will suffer from high oil and gas prices, high food prices and acceleration of inflation in general.
Last month, the IEA’s member states agreed to release most of their strategic energy reserves, and that process is still ongoing.
In response to the attacks by Israel and the United States, Iran almost completely blocked traffic in the Strait of Hormuz, through which approximately 20 percent of the world’s oil and natural gas flows regularly, causing an increase in energy prices.
