“There is plenty of oil on the market,” the International Energy Agency reassured today regarding the impact of the war in the Middle East on the energy situation in Europe and the world.
IEA executive director Fatih Birol acknowledged a “serious problem of curation” for oil pipelines because of the war, but “there is no shortage”, he insisted to reporters in Brussels.
At this stage, “no collective action” is therefore envisaged regarding oil, he said, although “all options” are being considered.
Fatih Birol arrived in Brussels for talks with the European Commission on the impact of the war in the Middle East on supply and energy prices.
In front of reporters, this official dismissed the scenario of a renewed shift to Russia for gas, at a time when the European Union is projecting a complete ban on Russian gas imports in the fall of 2027.
“One of Europe’s historical mistakes” was to become overly dependent on Russia, he stressed.
According to him, “to consider Russia as an alternative to get gas” because of the war in the Middle East would be “economically and in my view politically wrong”, he said.
Fatih Birol finally called on European countries to take more advantage of renewable energy sources and promote nuclear power.
The International Energy Agency was established in 1974 to coordinate responses to black gold supply problems after the 1973 oil crisis.
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