Fatih Birol, Secretary-General of the International Energy Agency (IEA), claimed that a more severe energy crisis has occurred than the 1970s, when two oil shocks were experienced due to the closure of the Strait of Hormuz.
According to AFP, Secretary-General Birol said in an interview with French daily Le Figaro on the 7th (local time), "Combined, it is more serious than the 1973, 1979, and 2022 crises all together," and added, "The world has never experienced an energy supply disruption of this magnitude."
In the Fourth Middle East War in 1973 (Yom Kippur War) and the Iranian Islamic Revolution in 1979, supply disruptions caused international oil prices to surge 3 to 4 times respectively. In 2022, when the Ukraine war broke out, oil and natural gas prices also skyrocketed.
Secretary-General Birol said, "If the strait remains blocked throughout April, we will lose twice as much crude oil and refined products compared to March," and stressed that each country should carefully conserve energy in preparation for the "Black April."
He expressed concern that developing countries are at the greatest risk from energy supply disruptions, and will suffer from rising prices of oil, gas, and food as well as accelerating overall inflation.
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This is scary...
