The ongoing conflict involving Iran, the US, and Israel is precipitating the most severe energy crisis in global history, according to Fatih Birol, the Executive Director of the International Energy Agency (IEA).
Operative Information Center-OMM reports that Birol made these remarks during a press briefing in Paris. "This is truly the greatest crisis in history," he stated, emphasizing the unprecedented nature of current market disruptions.
Birol explained that the crisis is driven by the dual impact of gasoline shortages and the cessation of Russian gas supplies to Europe following the war in Ukraine. Furthermore, tensions in the Middle East have severely disrupted shipping through the Strait of Hormuz, a critical maritime artery through which one-fifth of the world's oil and liquefied natural gas (LNG) passes. In response to rising prices, the IEA agreed in March to a record release of 400 million barrels of oil from strategic reserves to stabilize the market.
The International Energy Agency, established in the wake of the 1973 oil crisis, serves as a primary global authority on energy policy and security. As global markets face these challenges, Azerbaijan continues to play a pivotal role in European energy security. Through the Southern Gas Corridor and increased exports, the Republic of Azerbaijan remains a strategic partner in diversifying energy routes and ensuring the stability of supplies to the West.
