The head of the International Energy Agency (IEA), Fatih Birol, has warned that the ongoing global energy disruption has reached unprecedented levels, describing it as the “biggest crisis in history,” according to Al Jazeera.
Speaking to France Inter radio, Birol said the combined impact of the 1970s oil shocks and current gas market instability linked to tensions involving Russia has created a uniquely severe situation for global energy markets. “The crisis is already huge… This is indeed the biggest crisis in history,” he said.
The warning comes as geopolitical tensions in the Middle East continue to place additional pressure on global energy supplies. In March, the IEA agreed to release a record 400 million barrels of oil from strategic reserves in an effort to stabilise prices, which have surged amid escalating conflict-related risks in key producing regions.
The agency has repeatedly cautioned that supply disruptions, coupled with market volatility, could prolong energy insecurity for both developing and advanced economies.
