The IEA warns of the most severe global energy crisis in history, with more oil losses than the crises of the 1970s and the Ukraine war combined.
The IEA warns of the most severe global energy crisis in history, with more oil losses than the crises of the 1970s and the Ukraine war combined. It emphasizes that energy conservation measures such as working from home (WFH), reducing travel, and slowing down vehicles may be necessary.
On March 23, 2026, at 6:36 AM, The Guardian reported that: Fatih Birol, Director-General of the International Energy Agency (IEA). He said in a press conference at the National Press Club in Canberra, Australia: The world is facing a very severe energy crisis, and people around the globe need to understand the seriousness of the problem.
Birol specify that The current situation is far more severe than the major oil crises of 1973 and 1979, and even more severe than the natural gas crisis caused by the Russo-Ukraine War.
He explained that: During each oil crisis in the 1970s, the world lost approximately 5 million barrels of oil per day in supply. Combined with the two crises, this totaled 10 million barrels per day, and the global economy subsequently faced major problems. But currently, the world is losing approximately 11 million barrels of oil per day in supply, which is more than the two major oil crises in the past combined.
Furthermore, after Russia invaded Ukraine, the natural gas market, particularly in Europe, lost approximately 75 billion cubic meters (BCM) of gas. However, from this energy crisis, the world has lost approximately 140 BCM, or almost double that amount.
Birol said To put it into perspective, the current energy crisis is comparable to two oil crises and one gas crisis combined, all happening at the same time.
He also warned that... This crisis affects not only oil and gas, but also vital industries such as petrochemicals and fertilizers, which will have long-term consequences for the global economy and food supply.
IEA Director specify that This energy crisis may necessitate measures to reduce energy consumption, such as working from home, reducing vehicle speeds, and decreasing air travel, in order to conserve fuel. Said: These measures are based on years of experience by the IEA and have proven effective after Russia's invasion of Ukraine. Many European countries have used similar measures and were able to overcome their energy crises.
Following the IEA's announcement of these measures last Friday, many countries in both Europe and the Asia-Pacific region have begun implementing some of the guidelines, although each country has its own policies and priorities.
refer : www.theguardian.com
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