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Europe Today: International Energy Agency warns of biggest energy security crisis in modern history
The International Energy Agency is warning the world is “facing the biggest energy security crisis in modern history” as the shutdown in the Strait of Hormuz continues to rattle the global energy market. We have an exclusive interview with IEA's executive director, Fatih Birol.
READ MORE : http://www.euronews.com/2026/05/28/europe-today-international-energy-agency-warns-of-biggest-energy-security-crisis-in-modern
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The International Energy Agency is warning the world is “facing the biggest energy security crisis in modern history” as the shutdown in the Strait of Hormuz continues to rattle the global energy market. We have an exclusive interview with IEA's executive director, Fatih Birol.
READ MORE : http://www.euronews.com/2026/05/28/europe-today-international-energy-agency-warns-of-biggest-energy-security-crisis-in-modern
Subscribe to our channel. Euronews is available on Dailymotion in 12 languages
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00:14Good morning, it is Thursday the 28th of May. I'm Maeve McMahon and this is Europe Today.
00:20Your morning dose of European news and analysis live here on Euronews.
00:25Coming up, all eyes on Spain, where the political system has been shaken to its core by a corruption investigation
00:31involving the former Prime Minister, José Luis Rodríguez Zapatero.
00:36Incumbent Socialist Prime Minister, Pedro Sánchez, has ruled out early elections though and says he fully supports the former Premier,
00:43who's a close friend and mentor.
00:45We'll be live in Madrid.
00:46And the focus is also on Hungary. The country's new Prime Minister, Peter Maillard, is in Brussels today for one
00:53of the most important meetings of his political career.
00:56After talks with NATO, tomorrow he'll be sitting down with Ursula von der Leyen, President of the European Commission, to
01:03try to claw back billions in frozen EU funding.
01:06We'll be speaking exclusively to Brussels' Rule of Law Chief, Michael McGrath.
01:10Meanwhile, as NATO carries out military exercises on the Russia-Finland border, Poland's Donald Tusk is in London, building closer
01:18diplomatic ties with the UK.
01:20Prompted by the ongoing war in Ukraine, the two countries have signed a historic defence deal and a new master
01:26plan to counter a regular migration.
01:28But first, Israel has warned thousands of civilians to evacuate their homes in southern Lebanon, ahead of a fresh wave
01:36of airstrikes.
01:37It comes as the US carries out new strikes inside Iran, targeting a military facility.
01:43Meanwhile, this Thursday, the International Energy Agency is warning the world is facing the, quote, biggest energy security crisis in
01:51modern history,
01:51as the shutdown in the Strait of Hormuz continues to rattle the global energy market.
01:56Our Europe editor, Maria Tadeo, sat down with the agency's executive director, Fatih Bidol, in an exclusive interview from Paris,
02:03where they discuss the outlook for Europe and, of course, the risks ahead.
02:08I label this crisis as the largest energy crisis in the history.
02:15We had three energy crisis up to now, two oil crisis in 1970s, 1973 and 1979, and in 2022, after
02:26Russia's invasion of Ukraine, in Europe, we had a natural gas crisis.
02:31If I add how much oil and gas we lost in this all three crisis, it is much less than
02:39what we lost in the Middle East crisis, Iran crisis now.
02:43It's a huge problem for the global energy system, global economy, for Europe and beyond.
02:51And when you say this will trigger fundamental changes, especially you, and I want to reiterate this, you talk about
02:56energy, but also energy security.
02:57What kind of changes are you envisioning?
02:59Because this shows us that the world is becoming more and more a dangerous place.
03:07And here the countries want to secure their energy supplies, and this would mean that the countries will review their
03:18energy strategies, which technologies, which fuels they are going to choose, and which countries they are going to work, from
03:26which countries they import energy, for example.
03:29And they are going to review their energy strategies, and this will have major implications for the investment and beyond.
03:35And some would argue no continent has paid such a high price over its strategic dependencies than Europe.
03:40But before we get into that, I also want to ask you, for European viewers, in mid-April, you made
03:47some comments, which obviously made a lot of headlines, certainly in Europe, about jet fuel.
03:51You warned that in six weeks there could be no jet fuel.
03:54That created a lot of anxiety among finance ministers, and also just Europeans who thought, this summer, am I going
04:00to be able to go on vacation?
04:01Am I going to be able to pay for fuel tickets?
04:04What is the situation now?
04:06Because from the outside, it seems a very stressed-out scenario did not fully manifest.
04:10But is it the case?
04:12Yeah.
04:12So the reason I said this is very simple.
04:17Europe imports about 75% of this jet fuel from Middle East normally, and it is not finished.
04:26And when we look at our stocks, jet fuel stocks, they are diminishing.
04:32And I said, we said that if Europe cannot find new sources of imports, we are going to have major
04:40problems in terms of flying.
04:42Now, in the meantime, Europe was able to get some jet fuel from the United States and from Nigeria to
04:51compensate this gap from Middle East, which means that we are now sort of okay when we are entering the
05:00traveling season, but we are going to pay much higher for flying here or there.
05:07And, of course, that takes us to the idea that this is not necessarily a supply crisis, but a price
05:12crisis.
05:12I do want to ask you.
05:13But also, let's not forget that many companies, after I made this announcement, many companies, the Lufthansa, the Scandinavian, the
05:23Ryanair, and all of them, KLM, they cut their flights.
05:27And they cut their flights.
05:28And just on this point, because I think this is very important, some, certainly in Brussels, believed that statements like
05:35that, they were contributing to fear-mongering.
05:38Is that something that you would go, no, this is my duty and I had to say what I said,
05:42and I stand by those comments?
05:43We, our motto is very clear, no fear, no favor.
05:48We look at the data, we say, give a wake-up call to the countries, and if we didn't give
05:53this wake-up call, they wouldn't rush to get from Nigeria and United States.
05:58And thanks to them, thanks to this, our wake-up call, they were able to get some jet fuel from
06:05U.S. and Nigeria, which barely now, this is the problem.
06:10So, in that sense, is the situation, the outlook now for Europe looking relatively better compared to two months ago,
06:19or is this still uncertainty?
06:20Because we're seeing the Commission just cut their forecast for growth this year.
06:23Yes.
06:24I would not say better, but less worse than before.
06:28And what does that mean this year?
06:30What are the scenarios that you paint?
06:32Until, of course, we don't know what will happen with the state of Hormuz, I very much hope that very
06:38soon we get a fully and unconditional opening of the state of Hormuz.
06:42If it doesn't happen, the problem with the jet fuel and diesel and beyond will be with us for weeks
06:50to come.
06:53And that was Fati Birol there, the head of the International Energy Agency.
06:57And you can catch the full interview tonight with Maria Taddeo on Euronews.
07:01But now to Finland, where NATO is conducting military exercises close to the Russian border this Thursday,
07:06amid ongoing concerns in Baltic states about increased drone incursions.
07:11Our NATO correspondent, Shona Murray, is on the ground and is joining us live this morning from Finland,
07:16just 30 kilometres from the border with Russia.
07:20Good morning, Shona.
07:21Just tell us about these drills and are they actually responding to the drone threat?
07:28Yes, indeed.
07:29Good morning, Maeve.
07:29Well, certainly the exercises we've seen over the past couple of days, Northern Star Sword 26,
07:35and we're in the middle of one of these exercises right now,
07:37which is why you'll see the tank behind me and you could see some simulation of live fire.
07:42But essentially what they're doing is trying to modernise NATO in response to what we're seeing in Ukraine.
07:49And it's essentially called NATO's Eastern Flank Deterrence Innovation.
07:53It includes things like traditional capabilities like the tank behind me, Chinook military helicopters,
08:00armed forces, but then, of course, very important, advanced drone technology,
08:05reconnaissance drones, anti-personnel drones,
08:08because very much taking into account what's been happening here at the Finnish border
08:13and other Baltic states' borders of the past few weeks,
08:15but also the past couple of years since the full-scale invasion of Ukraine,
08:19you've seen a lot of threats coming from Russian aggression.
08:23So what we also will see is basically a renewed cyber technology, autonomous zones,
08:29and effectively the drone wall we've all been talking about.
08:32But listen, take a listen to Major Matt Blueby from the U.S. Army who told me about this, what
08:38he calls a kill zone.
08:40A big part of that is not just our own drones, but us having sensors,
08:47a system of networked sensors all integrated together through the same mission command systems.
08:52And us linking those together gives us that ability.
08:55And so it gives us the ability to have an autonomous kill web that we have.
09:00So whether you have, say, incursions in Estonia, but systems in Latvia or Lithuania that can see those,
09:07then, you know, someone else can use their technology to take those threats out.
09:13So, Shona, the U.S. is participating in this exercise.
09:16So does that mean they're fully committed to the NATO alliance?
09:22Yeah, it's a very important question, Maeve, because the Americans have actually led the SWORD 26 part of the exercise,
09:27which is very important, and as I said, deals with NATO's eastern flank, and it's also about innovation.
09:32So it is about the future.
09:34Having said all that, we know that the United States is withdrawing its capabilities from the future of NATO,
09:40essentially meaning that the U.S. won't be supplying or won't make available capabilities to NATO in times of war
09:48or any sort of invasion.
09:50And that's very much a Trump administration decision, because as we know,
09:53the U.S. has been a leading member of NATO for several decades and does very much take part enthusiastically
09:59in these exercises.
10:00But there is no doubt that it's not a philosophical conversation anymore.
10:05The U.S. is pulling out of NATO, and basically the rest of NATO has to pull up its socks
10:10and basically try to fill that gap of those capabilities in the future.
10:14Maeve?
10:15OK, Shona Murray, thank you so much for that live broadcast there from the Finnish-Russian border.
10:20And now these exercises and the recent expansion of NATO are all down to the fact that Russia invaded Ukraine
10:25illegally back in 22
10:27and shows no signs of backing down.
10:29For more on the high stakes of these security threats,
10:32our Ukraine correspondent, Sasha Vakilina, spoke to the former prime minister of the country, Arseniy Yatsenyuk.
10:39Europeans have to realize that this war relates not only to Ukraine.
10:45They are going after every single European citizen, every single European country.
10:50So, and Ukraine actually today is on the front line of defending both Ukraine,
10:56because we are defending ourselves and defending the European Union.
11:00The real understanding comes only in case if you feel it, if you see it, if you can listen to
11:08an air raid siren.
11:10We are living in a completely new world.
11:12And on the one hand, I wish every single European citizen to be in safety.
11:19On the other hand, I wish all of us to realize that you folks can be safe only in one
11:25case,
11:25if we as Ukrainians win this war, period.
11:28You met Putin.
11:30Correct.
11:30What's your take as somebody who actually met Russia's president?
11:34Should there be the negotiating table, let's say, with the EU represented either by Kayakalos or Antonio Kostya?
11:41That's another name that's been circulating in Brussels.
11:44Let me go back to square one.
11:47First, please do not underestimate this war criminal.
11:51He's not an idiot.
11:52He's a KGB operative.
11:55He has changed definitely dramatically in the last decade, no doubt.
11:59But he still has quite effective top military and security brass.
12:12So he's less strategic.
12:14He's more tactical.
12:17And he always has the sense of whether you are weak or you are strong.
12:24So he makes a sniff test of each person he meets.
12:29But whether we have an ability and whether do we have a chance to outplay him?
12:36Yes, we do.
12:37No doubt.
12:41And now we move on to Spain, where anti-corruption police have raided the headquarters of the ruling Socialist Party
12:47in Madrid.
12:48The heat is on current Prime Minister Pedro Sánchez, who's facing public criticism from a string of corruption scandals involving
12:54his close contacts.
12:56For more, we can cross now live to Madrid, where Euronews correspondent Rafael Salido is standing by for us outside
13:02the seat of the Socialist Party.
13:04Good morning.
13:04Just tell us about the raids that took place there yesterday.
13:35Hi, good morning, Maeve.
13:37You're welcome again.
13:39There was continue to work on the إ-Cher llam snare, where the worshicans did the to- allez-díez.
13:40And investors in charge have a really successful operation.
13:59The purpose of this investigation, with this skill under a gag order, is to find out whether
14:05Diaz was acting on her behalf or she was receiving instructions from the party or even the government.
14:15So what is next and how is the Prime Minister Pedro Sánchez responding to all this?
14:21Well, actually, Prime Minister Pedro Sánchez was yesterday meeting with the Pope Leo XIV
14:28in the Vatican when he found out about the raid in the headquarters.
14:33After the meeting, he spoke to the press where he insisted, first of all, that this was not a raid
14:39but just a search warrant, a search for information.
14:43And even though he did strike a cautious tone, he did recognize the seriousness of the situation
14:51involving his party.
14:53However, he insisted that the PSOE has nothing to hide.
14:57He also insisted that he is not planning on calling elections or resigning at all.
15:03And he reiterated his support for former Prime Minister José Luis Rodríguez Zapatero,
15:10who is actually under a different investigation for influence peddling.
15:14But the Prime Minister said that so far he has seen no reason to change his support
15:21and he defended his presumption of innocence.
15:25However, Prime Minister Sánchez pledged to fully cooperate with the investigation.
15:30Let's listen.
15:35Apparently, we're talking about an administrative requirement, not a police search warrant.
15:43I don't want to downplay the seriousness of the investigation that the National Court
15:47is currently conducting, and I can tell the Spanish public that we're fully cooperating
15:51with the justice system.
15:53Total colaboración con la justicia.
15:55Prime Minister Pedro Sánchez there on a story being, of course, very closely watched
15:58here in Brussels.
16:00And now for the view from the European Commission headquarters, the Burlimont.
16:03Coming up, we'll be joined by Michael McGrath.
16:06That's Ireland's European Commissioner in charge of rule of law, democracy, justice and consumer
16:11protection.
16:11An Irish Fianna Fáil politician, Michael McGrath, was a senior government minister in the
16:16past, including the country's finance minister until 2024.
16:20So we're pleased to have you with us today in the studio.
16:22You're welcome.
16:23Thank you, Maeve.
16:23Good to be here.
16:24So as I said, we're following here in Brussels that story in Spain very carefully.
16:28Spanish people are shocked.
16:30As the Commissioner for Democracy and Rule of Law, what is your reaction to this kind
16:33of scandal?
16:34Well, clearly we don't comment on individual cases, but the policy of the European Commission
16:40towards corruption is very clear.
16:42We have to have a zero tolerance policy across the European Union.
16:46What is most important is that the national authorities in any given case are allowed to
16:53do their work without any interference, that they follow the evidence and they take the
16:58case to its appropriate end point.
17:00We have recently reached agreement on a new anti-corruption directive in the European Union.
17:06So that will be transposed in the next couple of years, which harmonizes the definition of
17:12corruption offences and also harmonizes penalties.
17:15The reality is that corruption is insidious.
17:19It takes from valuable public resources and it fundamentally undermines public trust in
17:25institutions and in democracy itself.
17:28So it's crucial that all member states tackle it.
17:31And we deal with it in the Rule of Law report.
17:33Especially this issue.
17:33One of the investigations is actually about alleged attempts from the Socialist Party to sabotage
17:38or obstruct judicial investigations.
17:40So it's a very serious matter you're dealing with here that could impact indeed people's
17:44public trust in institutions.
17:46Yeah.
17:46As I say, the case itself, I don't have the details, nor should I, and it will take its
17:50normal course.
17:51But every year we do an annual Rule of Law report, which will be published now in July
17:57of this year.
17:58It looks at every single country of the European Union across a number of headings, including
18:03under the heading of corruption and examines the country's track record of investigating,
18:10prosecuting and securing convictions in respect of corruption cases, particularly high level
18:15corruption cases, because of course, the more senior the level, then the more serious
18:19the damage is done to public trust and indeed to the institutions themselves.
18:24And let's talk about Hungary.
18:26The Viktor Orban era is over.
18:27Peter Maillard is in Brussels for talks.
18:30Will he get those billions of funds back, do you think?
18:34So the Prime Minister will be meeting with Ursula von der Leyen, the Commission President,
18:38tomorrow.
18:39We have made a good start in resetting the relations with the Hungarian government.
18:45We are there as a commission to work with them and support them on the path to restoring
18:51rule of law and commitment to respecting fundamental rights of all citizens in Hungary.
18:57It sounds like they're not ready then. Are they ready then? It sounds like from what
19:01you're saying, they're not ready.
19:02Discussions are ongoing. I will be visiting Budapest next week and I'll be meeting with
19:06the new Hungarian Justice Minister again to agree on the reforms and look at the progress
19:13that they intend to make over the months ahead.
19:15And why was there confusion?
19:16We are there to work with them and support them.
19:17Why was there so much confusion and mystery about the meeting between Ursula von der Leyen
19:20and Peter Maillard?
19:22I'm not sure there was mystery or confusion, but these things often are only nailed down
19:27quite late on. That's the reality.
19:29Will they have dinner?
19:30Given schedules and timetables. I don't know the detail of their engagement, but the important
19:34thing is that they will meet and they will continue the substantive discussions on the
19:39issue at hand. And that is about how the European Commission can support the new Hungarian
19:44government in their efforts to restore rule of law in Hungary and ensure that the necessary
19:50reforms can be implemented. So we will support them. And so far, they have demonstrated a
19:55very clear and steadfast commitment on this path, which will help to serve the best interests
20:01of the Hungarian citizens at the end of the day.
20:03And just back on your file, when it comes to tech, et cetera, you'll be coming out soon
20:06with a proposal to wean off our dependency on big US tech, promote our own homegrown cloud
20:11technology, et cetera. Can you confirm this plan?
20:15So this will be led by my colleague, the Executive Vice President, Hennifer Cunnan.
20:19It is a tech sovereignty package and it is consistent with the overall policy direction that
20:25the European Union is currently taking. It needs to be seen alongside all of the other measures
20:31that we have brought forward so far in this commission in the last 18 months, designed to
20:36improve our competitiveness. Yes, have a focus on strategic autonomy, but
20:41at a time when there is so much upheaval, geopolitical uncertainty and indeed economic
20:46volatility, we do need to make sure that on key strategic issues that the European Union
20:53is supporting its indigenous industries and that we have access to the critical services
20:58and indeed materials that we need.
21:00Okay. Commissioner Michael McGrath, thank you so much for joining us here this morning on
21:04Europe Today. And thank you so much for tuning in. For more news and analysis, you can visit
21:10yournews.com or check out our social medias and we'll be back again tomorrow. So tune in
21:13for that. Thanks for watching. Take care.
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