World facing largest energy crisis in history — IEA chief

Business & Economy April 23, 16:30

According to Fatih Birol, the current crisis has seen global market losses reach 13 mln barrels of oil per day

WASHINGTON, April 23. /TASS/. International Energy Agency (IEA) Executive Director Fatih Birol has called the energy crisis resulting from the US military operation against Iran the largest in history.

There have been three major energy crises in modern history: two oil crises in 1973 and 1979, and a gas crisis in 2022, he said. Both oil crises resulted in global market losses averaging 5 mln barrels per day, while the current crisis has seen losses reach 13 mln barrels per day. In 2022, the market lost 75 bln cubic meters (bcm) of gas, and this year, losses are estimated at 100 bcm.

"In addition to oil and gas there are major disruptions in vital commodities, such as fertilizers, petrochemicals, helium, sulfur, which will have a significant impact on supply chains around the world that we will discover in the next weeks and months. We are indeed facing the largest energy crisis in the history now," Birol said, speaking in Singapore at an event organized by the American TV channel CNBC.

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