New Delhi, March 23 (IANS) Over 40 energy assets across nine countries in West Asia have been “severely or very severely” damaged due to the Iran war and no country would be immune to the fallout of the disruption in oil and gas supplies, International Energy Agency (IEA) Executive Director Fatih Birol said in Canberra on Monday.“The effect of the current disruptions in West Asia is equivalent to the two major oil crises in the 1970s and the 2022 natural gas crisis after Russia invaded Ukr…
Latest International Energy Agency News & Updates
New Delhi, March 23 (IANS) The International Energy Agency (IEA) chief Fatih Birol has warned that the global economy is facing a major threat due to the energy turmoil due to the escalating Middle East tensions.The IEA chief said the current situation in West Asia poses serious risks to economies worldwide.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, Birol said while speaking at a media event in Australia. T…
Washington, March 22 (IANS) The Group of Seven (G7) nations on Sunday strongly condemned Iran’s attacks on civilians and key infrastructure across multiple countries in the Middle East, expressing firm support for regional partners facing what it termed “unjustifiable attacks”.In a joint statement, the G7 Foreign Ministers — representing Canada, France, Germany, Italy, Japan, the United Kingdom and the United States — along with the High Representative of the European Union, voiced solid…
Abu Dhabi, March 21 (IANS) The effects of Iran’s actions will be felt by people in all parts of the world, especially the most vulnerable, several world leaders stated on Saturday while strongly condemning Tehran’s attacks on unarmed commercial vessels in the Gulf and civilian infrastructure, including oil and gas installations in the region. The leaders of the United Arab Emirates, the United Kingdom, France, Germany, Italy, the Netherlands, Japan, Canada, Republic of Korea, New Zealand, Denmar…
New Delhi, March 20 (IANS) As the West Asia crisis escalates, the International Energy Agency (IEA) on Friday set out a range of demand-side actions — including work from home and avoiding air travel — for governments, businesses and households to alleviate the economic impacts on consumers.Among the immediate actions to reduce demand is work from home where possible — displacing oil use from commuting, particularly where jobs are suitable for remote work.Where possible, switch to other mo…
Tehran, March 19 (IANS) Iran warned on Thursday that it would carry out more severe retaliatory strikes if the US and Israel attack its energy facilities again. Ebrahim Zolfaghari, spokesman for Iran’s Khatam al-Anbiya Central Headquarters, said in a statement published by the Islamic Revolutionary Guard Corps’ Sepah News that Tehran had not sought to expand the conflict to oil infrastructure or harm the economies of friendly neighbouring states.”Following the enemies’ aggression against Iranian…
Wellington, March 19 (IANS) New Zealand Prime Minister Christopher Luxon warned on Thursday of a prolonged Middle East conflict that could disrupt global oil supplies, as the government considers raising its fuel escalation level next week. Kiwi drivers have queued at petrol stations amid the escalation of the Middle East conflict, but Luxon praised New Zealanders’ restraint in avoiding panic-buying at a press conference, saying national fuel supplies remain adequate for now.Finance Minister Nic…
Washington, March 18 (IANS) US lawmakers moved to tax major oil companies as fuel prices surged sharply following the Iran war, with Democrats accusing energy firms of profiting while American consumers face rising costs.US Senator Sheldon Whitehouse and Indian American Congressman Ro Khanna reintroduced the Big Oil Windfall Profits Tax Act, pointing to a steep rise in petrol prices in recent weeks.“The price of a gallon of gas is up 80 cents just weeks after the onset of war in Iran, and the …
New Delhi, March 12 (IANS) The ongoing conflict in West Asia has triggered the largest supply disruption in the history of the global oil market, according to a report released on Thursday.According to the report by the International Energy Agency (IEA), with limited capacity to reroute shipments and storage facilities filling up, oil-producing countries in the Gulf have cut production by at least 10 million barrels per day, it added.”Unless tanker traffic through the strategic waterway resumes …
Mumbai, March 12 (IANS) Global oil prices surged sharply on Thursday as markets remained worried about supply disruptions linked to the ongoing tensions in the Middle East. The rally in crude prices came despite the announcement of the largest coordinated release of emergency oil reserves by the International Energy Agency.Benchmark crude prices climbed more than 8 per cent during the day. West Texas Intermediate rose around 8.8 per cent to trade near $95 per barrel, while Brent crude gained abo…