The chairman of the International Energy Agency (IEA), Fatih Birol, told the newspaper Le Figaro that the present oil and gas crisis brought on by the blockage of the Strait of Hormuz is “more serious than the ones in 1973, 1979, and 2002 together.
In an interview published in the French daily on Tuesday, he stated, “The world has never experienced a disruption to energy supply of such magnitude. He noted that while Europe, Japan, Australia, and other countries will suffer, emerging nations are most at risk due to rising oil and gas prices, rising food prices, and overall accelerating inflation.
Last month, the member nations of the IEA decided to relinquish a portion of their strategic reserves. According to Birol, some of information has already been made public, and the process is still ongoing.
About 20% of the world’s oil and gas usually pass through the Strait of Hormuz, which Iran has virtually completely shut in response to the strikes by Israel and the United States. This has caused a spike in energy costs.
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