Fateh Birol, executive director of the International Energy Agency (IEA), has warned that a potential war between the US and Israel against Iran could push the world towards a severe energy crisis that would be bigger than the two oil crises of the 1970s.
Speaking to reporters in the Australian capital Canberra, Birol said that in each crisis of the 1970s, the global market faced a shortage of about 5 million barrels of oil per day, meaning a total of 10 million barrels per day.
According to him, the current situation is much more serious, because the world has already lost 11 million barrels of oil per day – which is more than the combined shortage of both historical crises.
Fatih Birol said that no country will be immune to the effects of this crisis, as Iran’s potential closure of the Strait of Hormuz has severely affected global shipments of oil and liquefied natural gas (LNG).
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