Crisis unfolding in Middle East has the potential to greatly impact oil markets - IEA Executive Director

Fatih Birol, Executive Director of International Energy Agency

© APA | Fatih Birol, Executive Director of International Energy Agency

# 24 October 2023 16:24 (UTC +04:00)

“There is a significant geopolitical crisis unfolding in the Middle East, which has the potential to greatly impact oil markets,” Executive Director of International Energy Agency (IEA) Fatih Birol told journalists, APA reports.

“This issue is compounded by the existing instability in the natural gas markets following Russia's invasion of Ukraine,” Birol added.

Birol expressed concern that this conflict has the potential to disrupt the stability of oil markets, reminiscent of the energy crisis caused by the 1973 Yom Kippur war and subsequent Arab oil embargo.

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