00:00The world could be heading towards its worst energy crisis in decades, warns the International
00:05Energy Agency, IEA, due to the Iran conflict. Its executive director, Fateh Birol, says the impact
00:13could exceed the combined oil shocks of the 1970s and mirror the initial disruptions following
00:20Russia's invasion of Ukraine in 2022. Around 10 million barrels of oil had
00:27been lost per day during the 1970s crisis. The current disruption has already reached
00:33an estimated 11 million barrels a day following strikes on Iran that began on February 28th.
00:40On March 11th, the IEA oversaw the release of 400 million barrels from strategic reserves,
00:46the largest in its history. Birol said he was now consulting global leaders on a possible
00:52second release, noting that the initial move represented just 20 percent of total emergency
00:58stocks. He also warned that no country would be immune to the impact as flows of oil and
01:04liquefied natural gas LNG through the Strait of Hormuz remain disrupted. At least 40 energy
01:10facilities in the Gulf region have also been severely damaged, meaning even if the conflict
01:16ends, supply will not recover immediately.
