New Delhi: More than 40 energy assets in nine West Asian countries face severe damage from the Iran war, with global oil and gas disruptions inevitable, IEA Executive Director Fatih Birol warned in Canberra Monday.
Speaking at Australia's National Press Club, Birol equated the crisis to the 1970s oil shocks and 2022 Ukraine gas crunch combined—current losses top 11 million barrels per day, exceeding the decade's 10 million bpd shortfall.
Beyond fuels, petrochemicals, fertilizers, sulphur, and helium trade is crippled, threatening the world economy.
IEA released a record 400 million barrels from member reserves early March to curb price spikes; talks continue with Asia and Europe for more if needed.
With Strait of Hormuz shipping nearly halted, Birol stressed reopening the route as the only fix—and flagged a "major threat" to global growth if escalation persists.
(Inputs from IANS)