Global economy under ‘major threat’ from Hormuz crisis, no country is immune — IEA chief

The global economy is under “major threat” from the energy crisis caused by the war in the Middle East, International Energy Agency chief Fatih Birol says, warning that “no country will be immune” to its effects.

Speaking at the National Press Club in Australia’s capital, Birol compares the current energy crisis to those of the 1970s and the impact of Russia’s 2022 invasion of Ukraine.

“This crisis, as things stand, is now two oil crises and one gas crash put all together,” he says. “The global economy is facing a major, major threat today, and I very much hope that this issue will be resolved as soon as possible.”

“No country will be immune to the effects of this crisis if it continues to go in this direction. So there is a need for global efforts,” he says.

Birol adds that “at least 40… energy assets in the region are severely or very severely damaged across nine countries.”