Fatih Birol warns that global energy security is at risk if the Strait of Hormuz remains closed for weeks
Fatih Birol, the Executive Director of the International Energy Agency, warned that global oil supply security is at risk if the flow of oil through the Strait of Hormuz does not increase in the coming days, especially as the strait remains nearly closed due to the ongoing war between the United States and Iran. He explained that reducing dependence on oil through China's stockpiles and expanding the use of electric vehicles have temporarily helped ease energy prices, but these solutions cannot be sustained indefinitely. He pointed out that increased U.S. oil production has helped address the crisis, but Asia and developing countries—which heavily depend on the Strait of Hormuz—are particularly affected, with health risks associated with using alternative cooking fuels due to rising oil prices. He mentioned that drawing from reserves has taken about 400 million barrels, roughly 20% of the global stockpile, but inventories remain sufficient to face the crisis for a long time.
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