Middle East crisis live: IEA chief says Iran war energy crunch worse than 1970s oil crises and Ukraine war combined
Fatih Birol says world is losing 11m barrels of oil per day, more than the 1973 and 1979 energy shocks combined; IRGC threatens to completely close strait of Hormuz if Trump acts on infrastructure threats
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, its executive director has said.
“If it is necessary, of course, we will do it,” Fatih Birol said on Monday. “We look at the conditions, we will analyse, assess the markets and discuss with our member countries.”
A stock release will help to comfort the markets, but this is not the solution. It will only help to reduce the pain in the economy.
Source: Theguardian.com
