IEA Warns Iran War Triggers Energy Crisis Worse Than 1970s Shocks

The IEA warned the Iran war triggered a global energy crisis worse than the twin oil shocks of the 1970s.

“The world is facing a worse energy crisis than the twin oil shocks of the 1970s and the fallout of the Ukraine war combined, the head of the International Energy Agency (IEA) has warned”

Al Jazeera

Fatih Birol said the conflict removed 11 million barrels per day from global supply, more than the two prior oil shocks combined.

Al Jazeera

At least 40 energy facilities across nine countries were severely damaged.

The Strait of Hormuz has been effectively blocked since early March.

IEA member nations released a record 400 million barrels of oil from strategic stockpiles.

Birol said the release would help comfort markets but was not a solution.

belganewsagency.eu

The IEA was consulting on releasing more stockpiled oil if necessary.

Demand-side steps were proposed.

At least 40 energy facilities were seriously damaged across nine countries.

“The war in the Middle East could trigger the worst global energy crisis in decades, warned on Monday, March 23, Fatih Birol, director of the International Energy Agency (IEA)”

Capital.fr

Ships and cargoes valued at $23 billion were trapped.

The crisis affected oil, petrochemicals, fertilizers, sulfur, and helium.

Belgium began considering measures to protect household purchasing power.