The International Energy Agency (IEA) is sounding the alarm on what it calls the most severe energy crisis in modern history, warning that the full impact of the Iran war is only beginning to hit markets.
- XOM stock is moving. See the chart and price action here.
‘Major, Major Disruption’
In a recent interview on Norges Bank Investment Management’s “In Good Company” podcast, IEA Executive Director Fatih Birol said the energy disruptions unleashed by the war have already outpaced previous oil shocks — and that the situation is deteriorating rapidly.
“The next month, April, will be much worse than March,” Birol cautioned, per CNBC, describing the current crisis as “potentially more disruptive” than the oil shocks of the 1970s.
He said the international oil market has lost an estimated 12 million barrels per day of supply — more than the combined impact of the 1973 Arab oil embargo and the 1979 Iranian Revolution.
“When you look at [1973 and 1979], in both of them we lost each about five million barrels per day of oil,” Birol told host Nicolai Tangen.
“These oil …
This post was originally published here
