International Energy Agency Declares Middle East Crisis Worst Since 1970s

The IEA declared the crisis more severe than the oil shocks of 1973 and 1979.

“The current global energy crisis is more severe than the oil shocks of 1973 and 1979 and the 2022 gas shortage linked to Russia’s war on Ukraine, the head of the International Energy Agency said Wednesday”

Anadolu Ajansı

Global supply losses total about 12 million barrels per day.

Anadolu Ajansı

Birol described the reopening of the Strait of Hormuz as the single most important issue.

The IEA announced it would release 400 million barrels from emergency reserves.

Birol cautioned that this would only help reduce pain.

Fito

April would be worse than March with no shipments from the Middle East.

Gas prices have risen by 70 percent in Europe and oil prices by about 60 percent.

“IEA Executive Director Fatih Birol said on Wednesday that disruptions to oil supplies from the Middle East will intensify in April and will affect Europe as supplies decline due to the closure of the Strait of Hormuz”

Fito

The EU's energy bill increased by approximately €14 billion.

Jorgensen emphasized the need for a unified approach.

The biggest problem was the lack of jet fuel and diesel.

Shortages are already evident in Asia.

Fito

European electricity prices will go up as a result.