Fatih Birol, the head of the International Energy Agency, has made a final and forceful call to the international community, arguing that every nation — regardless of its size or proximity to the conflict — has both a stake in resolving the Iran energy crisis and a role to play in doing so. Speaking in Canberra after meetings with Australian Prime Minister Anthony Albanese, the IEA chief described the crisis as the equivalent of the 1970s twin oil shocks and the Ukraine gas disruption combined. He said global passivity in the face of such a crisis was not an option.
Birol said the crisis, which began with US and Israeli strikes on Iran on February 28, had produced losses of 11 million barrels of oil per day and 140 billion cubic metres of natural gas — more than double the combined losses of the 1970s oil crises, and significantly exceeding the gas losses of the Ukraine conflict. At least 40 Gulf energy assets have been severely damaged, making rapid supply restoration impossible even if a ceasefire is achieved. The Hormuz strait, through which about 20 percent of global oil flows, remains closed.
The IEA has taken historic action, releasing 400 million barrels from strategic petroleum reserves on March 11 — the largest emergency deployment in the organization’s five-decade history. Birol said further releases were under active consideration with governments across Asia, Europe, and North America. Demand-side measures including remote working, lower highway speed limits, and reduced commercial aviation were also being implemented by member states.
Japan has indicated it could contribute minesweeping assets if a ceasefire is reached, while Australia, South Korea, and Japan have faced criticism from US President Trump for not doing more to help secure Hormuz. Birol welcomed any contribution that could help restore safe shipping through the waterway. He said the crisis also threatened supplies of petrochemicals, fertilizers, sulfur, and helium — compounding its economic consequences beyond the energy sector.
Iran threatened retaliatory strikes on US and allied energy and desalination facilities after Trump’s deadline expired. Birol warned that fuel hoarding by individual nations was making a bad situation worse. He concluded his remarks with a clear and urgent call to action: every country benefits from stable energy markets, every country suffers when they break down, and therefore every country must contribute to the shared effort to restore them.
