00:00This Thursday the International Energy Agency is warning the world is facing the quote biggest
00:05energy security crisis in modern history as the shutdown in the Strait of Hormuz continues to
00:10rattle the global energy market. Our Europe editor Maria Tadeo sat down with the agency's executive
00:16director Fatih Bidol in an exclusive interview from Paris where they discussed the outlook for
00:21Europe and of course the risks ahead. I label this crisis is the largest energy crisis in the history
00:31we had three energy crisis up to now in two oil crisis in 1970s 1973 and 1979 and the 2022
00:41after
00:42the Russia's invasion of Ukraine in Europe we had a natural gas crisis if I add how much oil and
00:49gas
00:49we lost in this all three crisis it is much less than what we lost in the Middle East crisis
00:58Iran
00:58crisis now it's a huge problem for the global energy system global economy for Europe and beyond. And
01:07when you say this will trigger fundamental changes especially you and I want to reiterate this you
01:11talk about energy but also energy security what kind of changes are you envisioning? Because a this
01:18shows us that the world is becoming more and more a dangerous place and here the countries want to
01:26secure their energy supplies and this would mean that the countries will review their energy strategies
01:35which technologies which fuels they are going to choose and with which countries they are going to
01:41work from which countries they import energy for example and they are going to review their energy
01:47strategies and this have major implications for the investment and beyond. And some would argue no
01:52continent has paid such a high price over its strategic dependencies than Europe but before we get into
01:57that I also want to ask you for European viewers in mid-April you made some comments which obviously made
02:04a lot of
02:05headlines certainly in Europe about jet fuel you warned that in six weeks there could be no jet fuel
02:10that created a lot of anxiety among finance ministers and also just Europeans who thought this summer am I
02:16going to be able to go on vacation am I going to be able to pay for fuel tickets what
02:21is the situation now
02:22because from the outside it seems a very stressed out scenario did not fully manifest but is it the
02:27case so the reason I said this is very simple Europe imports about 75 percent of it is jet fuel
02:37from Middle East
02:38normally and it is not finished and when we look at our stocks jet fuel stocks they are diminishing
02:47and I said we said that if Europe cannot find new sources of imports we are going to have major
02:56problems in terms of
02:57flying
02:58now in the meantime Europe was able to get some jet fuel from United States and from Nigeria to compensate
03:07this gap from
03:09Middle East so which means that we are now
03:13sort of okay when we are entering the traveling season but but we are going to pay much higher for
03:22flying here or there
03:23and of course that takes us to the idea that this is not necessarily a supply crisis but a price
03:28crisis I do want to ask you
03:29exactly but also let's don't forget that the many companies after I made this announcement many companies the Lufthansa
03:36the the Scandinavian the Ryanair and all of them KLM they cut their flights and they cut their flights and
03:44Edward just on this point because I think this is a very important
03:48some certainly in Brussels believed that statements like that they were contributing to fear mongering is that something that you
03:55would go no this is my duty and I had to say what I said and I stand by those
03:59comments we
03:59our motto is very clear no fear no favor we look at the data we say give a wake-up
04:07call to the countries and if we didn't give this wake-up call they wouldn't rush
04:11to get the the from Nigeria United States and thanks to them thanks to this our wake-up call they
04:19were able to get some jet fuel from US and Nigeria which barely now this is the problem
04:26so in that sense is the situation the outlook now for Europe looking relatively better compared to two months ago
04:35or is this still uncertainty because we're seeing the commission just got their forecast for growth this year
04:39yes I will say better but less worse than before and what does that mean this year
04:48until of course we don't know what will happen with the state of Hormuz I very much hope that very
04:54soon we get a fully an unconditional opening of state of Hormuz
04:58if it doesn't happen the problem with the jet fuel and diesel and beyond will be with us for weeks
05:06to come
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