Fatih Birol, the head of the International Energy Agency (IEA), has raised alarms about a profound energy crisis that the world is currently facing as a result of the recent conflict in the Middle East. He argues that this crisis is not only deeper than the oil crises of 1973 and 1979, which caused the world to lose a combined total of 10 million barrels of oil per day, but is also more severe than the gas crisis precipitated by Russia's invasion of Ukraine. According to Birol, the current loss stands at 11 million barrels per day, indicating the gravity of the situation.

Birol highlights the exacerbating factors of this crisis, noting that the natural gas shortage is now twice as severe compared to that caused by the Ukraine conflict. This extraordinary circumstance is said to stem from the simultaneous impacts of two oil shocks and one gas shock affecting the global market. These combined pressures have intensified the economic stakes involved, making recovery and stability increasingly challenging.

The implications of this energy crisis extend beyond mere oil and gas shortages; Birol warns that it bears serious consequences for various vital sectors of the global economy, including petrochemical production and other essential industries. As nations grapple with these challenges, the potential for long-lasting effects on energy policy, economic stability, and international relations becomes a pressing concern that needs urgent global attention.