Global economy under 'major threat' due to Middle East war, says IEA chief
&imwidth=600&imheight=450&format=webp&quality=medium "Global economy under 'major threat' due to Middle East war, says IEA chief")
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According to Birol, forty energy assets have been "severely or very severely" damaged in the Middle East due to the Iran war.
Energy crisis caused by the Middle East war has put the global economy under "major threat", said International Energy Agency chief Fatih Birol on Monday (Mar 23). While speaking at the National Press Club in Australia's capital, Birol said the crisis is even greater than the the Middle East as "very severe" and worse than the oil shocks of the 1970s and the Russia-Ukraine war put together.
He also pointed out that "no country will be immune" to the effects of Middle East crisis.
"The global economy is facing a major, major threat today, and I very much hope that this issue will be resolved as soon as possible. No country will be immune to the effects of this crisis if it continues to go in this direction. So there is a need for global efforts," said Birol.
"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," he added.
According to Birol, forty energy assets have been "severely or very severely" damaged in the Middle East.
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"At least forty... energy assets in the region are severely or very severely damaged across nine countries," Fatih Birol told the National Press Club in Australia's capital.
Qatar's Ras Laffan Industrial City, one of the world's largest liquefied natural gas (LNG) facilities, was hit by Iran last week, after Israel hit the South Pars gas field. Extensive damage was caused to Ras Laffan Industrial City in the attack, said Qatar's defence ministry.
