IEA Chief Warns of Unprecedented Oil and Gas Crisis Impacting Global Economy
Fatih Birol, head of the International Energy Agency (IEA), has declared the current oil and gas crisis, triggered by the blockade of the Strait of Hormuz, as more severe than the crises of 1973, 1979, and 2002 combined. The blockade, resulting from strikes by Israel and the U.S., has led to a significant disruption in energy supply, affecting about 20% of the world's oil and gas flow. This has caused a surge in energy prices, impacting European countries, Japan, Australia, and particularly developing nations, which face higher oil and gas prices, increased food costs, and accelerated inflation. In response, IEA member countries have agreed to release part of their strategic reserves to mitigate the crisis. 
