IEA head says Middle East violence may ripple through global oil markets

The ongoing escalation of the Israeli-Palestinian conflict could have a detrimental impact on the oil market and energy security worldwide, International Energy Agency (IEA) Executive Director Fatih Birol has cautioned.

“This year is the 50th anniversary of the first oil shock, which had devastating effects for the global economy. And yet, we are today facing a major geopolitical crisis in [the] Middle East that could shock oil markets once again and deeply,” Birol said on Tuesday, presenting the World Energy Outlook 2023.

There are “a lot of discussions” as to whether the oil producing countries in the region are part of the crisis and whether certain trade routes are closed, which are “difficult questions and pose a serious risk at the global oil security,” the IEA head stated.

He added that these challenges were exacerbated by the existing risks on the gas market and the global climate emergency.

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