The IEA warns that the current energy crisis is “very serious” and exceeds that of 1970
The executive director of the International Energy Agency (IEA), Fatih Birol, warned this Monday that the situation is “very serious” and exceeds the energy crises of the 1970s, in a context marked by the blockade of the Strait of Hormuz and attacks on energy plants in the Middle East.
During a speech at the Australian National Press Club in Canberra, Birol pointed out that the current crisis is equivalent to “two oil crises and a gas collapse combined”, in reference to the energy crises of 1973 and 1979 caused by embargoes and cuts in crude oil production in the Middle East, which represents a “major threat” to the global economy.
“No country will be immune if the situation continues in this direction,” he stressed during his one-day visit to Australia, where he also plans to meet with the Prime Minister, Anthony Albanese, before continuing his tour of Asia.
Birol warned of the damage suffered by the regional energy sector, indicating that at least 40 infrastructures have been “seriously or very seriously” affected in nine countries, which aggravates uncertainty about supply.
The head of the IEA highlighted that the reopening of the Strait of Hormuz, a key passage through which nearly 20% of global oil and gas trade passes, is the main way to alleviate energy tensions. This maritime corridor remains practically blocked after the attacks by the United States and Israel against Iran on February 28.
In this scenario, US President Donald Trump has demanded that Tehran completely reopen the strait, under the threat of attacking Iranian electrical infrastructure. For its part, Iran has responded by warning that, if its energy network is attacked, it will retaliate against energy facilities and desalination plants in different countries in the Middle East. The impact is already reflected in the markets, with a rebound in the price of crude oil, which exceeded $100 per barrel in early trading on Monday.
The IEA director called for international cooperation to avoid a further deterioration of the situation and urged a rapid resolution of the conflict, given the risk of far-reaching global economic consequences. (Efe)
