23/03/2026
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23/03/2026
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BIROL. March 23: The global economy is facing a “major threat” from a worsening energy crisis triggered by the ongoing Middle East war, with “no country immune” to its impact, Fatih Birol, head of the International Energy Agency, warned on Monday.
Speaking at the National Press Club in Canberra, Birol compared the current situation to the oil shocks of the 1970s and the fallout from the Russia-Ukraine War, saying global supply losses have already exceeded past crises. “As of today, we lost 11 million barrels per day—more than two major oil shocks put together,” he said, describing the situation as a combination of “two oil crises and one gas crash.”
The warning comes as tensions escalate between Donald Trump and Tehran, with both sides exchanging threats as the war enters its fourth week. The United States has called for the reopening of the Strait of Hormuz—a critical route that handles about 20% of global oil and gas shipments—but traffic through the waterway has nearly come to a halt.
Oil prices surged again on Monday, with US benchmark crude briefly touching $100 per barrel, reflecting mounting fears of prolonged supply disruption. Birol also revealed that at least 40 energy facilities across the region have been “severely or very severely damaged” in the conflict, underscoring the scale of the crisis.
He called for urgent global cooperation to contain the fallout, warning that continued escalation could significantly impact economic growth worldwide.
