IEA warns energy crisis triggered by Iran war ‘very severe’
The head of the International Energy Agency warned Monday that the crisis triggered by US-Israeli strikes on Iran and Iranian retaliation is “very severe,” even worse than the oil shocks of the 1970s.
Fatih Birol said the agency is assessing market conditions and discussing options with member countries if disruptions to energy flows worsen.
“If it is necessary, of course, we will do it. We look at the conditions, we will analyse, assess the markets and discuss with our member countries,” Birol told the National Press Club in Canberra.
IEA members agreed on March 11 to release a record 400 million barrels of oil from strategic reserves to counter a surge in global crude prices following the outbreak of the war.
