Episode Details

Fatih Birol, head of the International Energy Agency, warns of a severe energy crisis due to the war in Iran, likening it to the combined impact of the 1970s oil shocks and Russias invasion of Ukraine. The crisis, affecting global supply chains for petrochemicals, fertilizers, and helium, is exacerbated by damaged energy assets and the closure of the Strait of Hormuz. Birol proposes immediate measures like remote work, lower speed limits, and air travel cuts. The agency released 400 million barrels from strategic reserves, the largest emergency move ever. Trump threatens Iran with destruction of energy infrastructure if it doesnt reopen the strait, while Iran vows to target U.S. and regional energy and desalination plants. Asia-Pacific countries and Europe are facing diesel and jet fuel shortages, with Birol emphasizing the need for global cooperation to prevent deeper economic damage.

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