IEA warns: energy crisis now worse than 1970s oil shocks combined

The International Energy Agency chief Fatih Birol said the current global energy disruption exceeds both 1970s oil crises and the 2022 Ukraine gas shock combined. Global oil supply has fallen by 11 million barrels per day. At least 40 energy facilities across nine countries have been severely damaged. Birol called the Strait of Hormuz reopening the single most important solution.