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.
Commenting on the geographical impact of the crisis, Fatih Birol noted that Europe, Japan, and Australia will face serious difficulties. At the same time, he emphasized that the main risk is concentrated on developing countries.
According to Fatih Birol, the sharp rise in energy prices is already affecting food markets, increasing global inflationary pressures. In this situation, low-income economies remain particularly vulnerable to a “double shock.”