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World energy watchdog warns the fuel crisis is 'very severe'
Fatih Birol will recommend releasing further stockpiled fuel if the crisis continues and conditions call for it. (ABC News: Matt Roberts)
International Energy Agency chief Fatih Birol says major damage to energy assets in the Middle East will create supply problems in the future, even after the Iran war ends.
Prime Minister Anthony Albanese and his Singaporean counterpart have issued a joint statement committing to strengthening the energy supply chain in the region.
More emergency reserves of oil could be released if the war continues to impact the supply and price of fuel.
World leaders have failed to grasp the depth of the energy crisis created by the Iran war, the head of the International Energy Agency has warned.
Iran war energy crisis equal to 70s twin oil shocks and fallout from Ukraine war, says IEA chief
Fatih Birol says effect on energy markets of Iran bombings and closure of Hormuz strait not initially understood by world leaders
The global energy crisis caused by the war in Iran is equivalent to the combined force of the twin oil shocks of the 1970s and the fallout of Russia’s invasion of Ukraine, the head of the International Energy Agency has warned.
Fatih Birol, the IEA’s executive director, said the growing fallout could be seriously compounded through interuptions to the “vital arteries of the global economy”, including petrochemicals, fertilisers, sulfur and helium.
Speaking at the National Press Club of Australia in Canberra on Monday, Birol said the depth of the problems in energy markets caused by American and Israeli bombings in Iran, and the closure of the stragetic strait of Hormuz, had not initally been properly understood by world leaders.
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