IEA Chief: World Faces Largest Energy Crisis in History

The global energy system is sinking deeper into the most serious crisis in its history. According to the Executive Director of the International Energy Agency, rising energy prices are already beginning to put pressure on global demand.

Fatih Birol, Executive Director of the International Energy Agency:

"We are facing the largest energy crisis in history. Over the past 50 years, we've had three: the 1973 oil crisis, the 1979 oil crisis, and four years ago, the natural gas crisis following the Russia-Ukraine conflict. The volumes of oil and gas we've lost today in this war far exceed all three crises combined. We're also losing vital commodities—petrochemicals, fertilizers, helium, and sulfur. Overall, this is a very serious problem."

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According to the International Energy Agency, the current turmoil has already caused the global market to lose approximately 13 million barrels of oil per day. This is putting significant pressure on the supply-demand balance. These figures increase risks, especially for countries that rely heavily on oil and gas imports.