World could face worst energy crisis in decades, IEA chief warns

IEA chief warns of a potential energy crisis worse than the 1970s, with 11 million barrels lost daily amid regional conflicts.

The war in the West Asia could see the world face its worst energy crisis in decades, International Energy Agency chief Fatih Birol warned on Monday (March 23, 2026), describing the situation as “very severe”.

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“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,” Mr. Birol told the National Press Club in Australia’s capital.

“As of today, we lost 11 million barrels per day, so more than two major oil shocks put together,” he said.

The International ‌Energy Agency is consulting with governments ​in Asia and ⁠Europe on the release of more stockpiled oil “if necessary” due to the ‌Iran war, Mr. Birol said.

“If ‌it is necessary, of ‌course, ⁠we will do it. ⁠We look at the conditions, we will analyse, assess the markets and discuss with ​our member ‌countries,” Mr. Birol told the National Press Club in Canberra.