Fatih Birol, the executive director of the International Energy Agency, has offered one of the most vivid descriptions yet of the current global energy crisis, calling it a three-in-one catastrophe that combines two historical oil shocks and a full-scale gas emergency. The IEA chief made the statement in Canberra, Australia, during a diplomatic tour of the Asia-Pacific region. His framing underscores the sheer scale of disruption the Iran war has inflicted on global energy supply chains.
The conflict began on February 28 when the United States and Israel launched military strikes against Iran. The subsequent closure of the Strait of Hormuz to commercial shipping cut off approximately 20 percent of global oil supply from international markets. At the same time, US and Israeli strikes on Gulf energy infrastructure damaged at least 40 major energy assets severely, making recovery a long-term challenge even after hostilities cease.
The IEA chief put the losses into historical context: the 1970s oil crises together removed about 5 million barrels of oil per day, while Russia’s 2022 invasion of Ukraine cost global gas markets 75 billion cubic metres. The current Iran conflict has already caused the loss of 11 million barrels of oil per day and 140 billion cubic metres of gas — figures that surpass every previous energy crisis. Birol also warned of compounding disruptions to petrochemicals, fertilizers, sulfur, and helium.
On March 11, the IEA authorized the release of 400 million barrels from strategic petroleum reserves, the largest emergency action in its half-century of existence. Birol said further releases were possible and confirmed the IEA was in active consultations with governments across three continents. Demand-side measures including remote working, lower speed limits, and reduced air travel were also recommended.
US President Trump set a 48-hour deadline for Iran to reopen the strait, threatening further strikes on Iranian energy infrastructure if it failed to comply. Iran responded with threats of retaliatory strikes on US and allied energy and water facilities. Birol urged diplomatic resolution and international cooperation, warning that continued escalation would deepen an already historic energy emergency.
