World could face worst energy crisis in decades, IEA chief warns

The war in the West Asia could see the world face its worst energy crisis in decades, International Energy Agency chief Fatih Birol warned on Monday (March 23, 2026), describing the situation as “very severe”.

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“Many of us remember the two consecutive oil crises in the 1970s… at that time, in each of the crisis, the world has lost about five million barrels per day, both of them together, 10 million barrels per day,” Mr. Birol told the National Press Club in Australia’s capital.

“As of today, we lost 11 million barrels per day, so more than two major oil shocks put together,” he said.

The International ‌Energy Agency is consulting with governments ​in Asia and ⁠Europe on the release of more stockpiled oil “if necessary” due to the ‌Iran war, Mr. Birol said.

“If ‌it is necessary, of ‌course, ⁠we will do it. ⁠We look at the conditions, we will analyse, assess the markets and discuss with ​our member ‌countries,” Mr. Birol told the National Press Club in Canberra.

IEA member nations agreed on March 11 ‌to release a record 400 million ​barrels of oil from strategic stockpiles to ⁠combat the spike in global crude prices.

There would not be a ‌specific crude price level to trigger another release, Birol added.

He described the crisis in the Middle East as “very severe” and worse than the two ‌oil shocks of the 1970s, as ​well as the impact of the Russia-Ukraine war on ⁠gas, put together.

“The single most important ⁠solution to this problem is opening the Hormuz Strait,” ‌he said.