The Director of the International Energy Agency, Fatih Birol, warned of the dangerous situation in the Middle East, stating that the current crisis is more severe than the combined oil crises of the 1970s.

He explained that the best solution to the current challenges is to reopen the Strait of Hormuz, ensuring the stability of oil supplies.

He added that the agency is consulting with governments around the world and, if necessary, will release additional oil reserves to support the market.

A refinery in Big Spring, Texas. (AFP)

He added that fuel shortages are becoming an escalating problem in Asia, emphasizing that there is no specific crude oil price that would automatically trigger the release of reserves.

He pointed out that the Australian government is taking steps to increase fuel stock levels, while warning that the global economy faces significant risk due to the ongoing crisis.

Speaking at the National Press Club in Canberra, he said, “So far, we have lost 11 million barrels per day, which is more than we lost during the two major oil crises combined in the 1970s.”

He added, “At that time, the world lost about 5 million barrels a day in each of the crises, totaling 10 million barrels per day if we combine the two crises.”

He also referred to the repercussions of Russia's invasion of Ukraine since 2022, noting that the current crisis “represents at this stage two oil crises and a collapse of the gas market.”

He confirmed that at least 40 energy sites have been “severely or very severely” damaged in nine countries in the Middle East due to the war. He added, “No country will be immune from the effects of this crisis if it continues in this manner. Therefore, it is important to act on a global scale.”

He added, “The global economy faces a severe threat, and I hope this problem will be resolved as soon as possible.”