Earlier, Fatih Birol had already pointed out that the current situation in global energy markets surpasses the complexity of the crises of 1973, 1979, and 2022.
The Executive Director of the International Energy Agency (IEA), Fatih Birol, made a troubling statement. He warned of the onset of the largest energy crisis in history, directly linking it to the escalation of the conflict between Iran, the United States, and Israel.
Speaking at a press conference in Istanbul on March 12, 2026, Fatih Birol emphasized, "This is the largest crisis in history." His remarks were made on Tuesday during an interview with France Inter, where he detailed the current situation.
Unprecedented Scale of the Crisis
The scale of this global issue is significantly exacerbated by the simultaneous development of an oil crisis and severe disruptions in gas supplies from Russia. This combination creates unprecedented pressure on global markets.
Military actions in the Middle East have already led to a critical halt in maritime transport through the strategically important Strait of Hormuz. This narrow maritime route accounts for a colossal fifth of all global oil and liquefied natural gas supplies.
The overall picture is further complicated by the long-term consequences of the conflict between Russia and Ukraine. This conflict has already triggered a complete halt in Russian gas supplies to European countries, further destabilizing the energy balance.
Comparison with Past Crises
Earlier this month, Fatih Birol drew parallels between the current state of global energy markets and previous crises of 1973, 1979, and 2022. He particularly emphasized that the current situation is significantly more complex and multifaceted.
IEA's Response
In response to the rapid rise in prices triggered by the conflict between the U.S., Israel, and Iran, the IEA took decisive action in March. The agency decided to release an unprecedented 400 million barrels of oil from its strategic reserves.
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