Global Energy Crisis: On Alert Amid Iran Conflict

Fatih Birol, head of the International Energy Agency, expresses readiness to respond to oil stockpile needs if the ongoing conflict with Iran exacerbates the energy crisis, which he deems the worst global energy disruption, impacting over 80 oil and gas facilities worldwide.

Fatih Birol, the head of the International Energy Agency (IEA), expressed concern over the global energy crisis on Monday, emphasizing preparedness to release oil stockpiles if necessary. This announcement comes amid tensions resulting from the ongoing conflict with Iran.

Speaking at an Atlantic Council event, Birol described the current situation as the worst global energy disruption ever recorded, attributing the crisis to the extensive damage sustained by more than 80 oil, gas production, terminals, and refineries due to the conflict.

Birol reaffirmed that the IEA is poised to take decisive action to stabilize markets should the situation worsen further. The organization's vigilance is crucial as the war continues to reverberate through international energy sectors.

(With inputs from agencies.)