Fatih Birol, the Executive Director of the International Energy Agency (IEA), issued a stark warning today regarding the ongoing oil and gas crisis, which has been exacerbated by the blockade of the Strait of Hormuz. He described the situation as “more severe than the crises of 1973, 1979, and 2022 combined.”

During an interview with Le Figaro, Birol stated, “The world has never faced an energy supply disruption of such magnitude.” His comments highlight the critical nature of the current situation and its potential global impact.

Birol emphasized that while developed countries will feel the effects, developing nations are at the greatest risk. These countries are likely to endure soaring oil and gas prices, increased food costs, and heightened inflation, all of which could significantly affect their economies.

In response to the crisis, IEA member countries recently agreed to release a substantial portion of their strategic energy reserves. This measure is part of ongoing efforts to mitigate the impact of the crisis.

The blockade of the Strait of Hormuz, a critical chokepoint where approximately 20% of the world’s oil and gas transit, was enacted by Iran following military actions by Israel and the U.S. This has led to a spike in energy prices globally, further intensifying the crisis.