Paris: The scale of the energy crisis caused by the closure of the Strait of Hormuz is unprecedented, said the head of the International Energy Agency (IEA), Fatih Birol, in an interview with France’s ‘Le Figaro’ newspaper. ‘The world has never faced such a level of energy supply disruption before. The current crisis is more serious than the combined crises of 1973, 1979, and 2002,’ Fatih Birol said.
According to Azeri-Press News Agency, Fatih Birol commented on the geographical impact of the crisis, noting that Europe, Japan, and Australia will face serious difficulties. At the same time, he emphasized that the main risk is concentrated on developing countries.
Fatih Birol explained that the sharp rise in energy prices is already affecting food markets, thereby increasing global inflationary pressures. In this situation, low-income economies remain particularly vulnerable to a ‘double shock.’