IEA chief on energy crisis

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  • IEA chief on energy crisis

In light of the closure of the Strait of Hormuz and the resulting energy shortages in many parts of the world, Fatih Birol, Director of the International Energy Agency (IEA), has issued a stark warning about supply crises. Before the Iran war, around a fifth of the world’s oil and gas supplies passed through the Strait of Hormuz. Birol said the current energy crisis is worse than all previous crises combined.

In Europe, alongside fuel prices, the aviation sector is particularly affected as three-quarters of kerosene comes from the Middle East. Birol explained that “this is already evident in the first flight cancellations and rising prices, and added his hope that “they can resolve this issue before the holiday season, as demand for kerosene will rise by 40% in the summer”.

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