Amidst the West Asia war and consequent energy crisis, Fatih Birol, the head of the International Energy Agency (IEA), said on Thursday that the world is witnessing the biggest energy security threat in history.
“We are facing the biggest energy security threat in history. As of today, we’ve lost 13 million barrels per day of oil … and there are major disruptions in vital commodities,” Birol told CNBC.
Earlier, the IEA Chief had cautioned that the Iran war and a continued blockade of the Strait of Hormuz would trigger “the largest energy crisis we have ever faced.”
“I expect, first of all, nuclear power will get a boost … Renewables will grow very strongly — solar, wind and others — [and] I expect electric cars will benefit from this. In some countries, I expect the coal may also see a push and go back up, especially in some big countries in Asia,” he said.
Emphasising the significance of the Strait of Hormuz for Europe’s energy supply, currently blockaded by both Iran’s IRGC and the US naval forces, Birol said, “Europe gets about 75% of its jet fuel from refineries in the Middle East and this is basically now [down to] zero … Europe is now trying to get it from the U.S. and Nigeria. If we are not able to get, in Europe, additional imports from the countries now, we will be in difficulties.”
The IEA official expressed hope that the Strait of Hormuz would be reopened and refinery exports would resume soon, while also urging the government to explore the option of alternative fossil fuels and cutting air travel.
