"The energy crunch prompted by the US-Israel war on Iran exceeded the 1973 and 1979 oil shocks and gas shortages stemming from Russia's 2022 invasion of Ukraine put together."
"Birol said the effective closure of the Strait of Hormuz and attacks on energy facilities had reduced global oil supplies by about 11 million barrels per day, more than double the combined shortfalls of the 1970s' crises."
"The global economy is facing a major, major threat today, and I very much hope that this issue will be resolved as soon as possible."
"The proposed measures include facilitating more remote working and carpooling, and lowering speed limits on motorways."
The world is experiencing a severe energy crisis due to the US-Israel war on Iran, surpassing the oil shocks of the 1970s and the impact of the Ukraine war. The closure of the Strait of Hormuz has led to a reduction of about 11 million barrels per day in global oil supplies. Additionally, liquefied natural gas supplies have decreased by approximately 140 billion cubic meters. The International Energy Agency has proposed measures to mitigate the crisis, including promoting remote work and carpooling.
Read at www.aljazeera.com
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