No country will be immune if war continues, says IEA chief on oil and gas crises

International Energy Agency (IEA) director, Fatih Birol, speaking at the National Press Club in Canberra, said the global economy is facing a “major, major threat” as the energy crisis deepens amid the Middle East conflict.

He said the situation combines elements of past oil shocks and gas disruptions.

“This crisis… is now two oil crises and one gas crash put all together,” Birol said, adding that “no country will be immune” if it continues.

He said dozens of energy facilities have been heavily damaged and that the IEA is consulting governments on potentially releasing more strategic oil reserves if needed.