IEA chief warns of deepening global energy market shock

The disruption of Russian gas supplies to Europe and interruptions to energy flows through the Strait of Hormuz have emerged as major shocks to the global economy, prompting countries to reassess their energy policies, International Energy Agency (IEA) Executive Director Fatih Birol said.

Birol made the remarks on September 4 in Istanbul while presenting a report on Türkiye’s energy policy.

“Five years ago, we had two major global arteries for energy supplies — gas pipelines from Western Siberia to Europe and the Strait of Hormuz, through which oil, gas and fertilizers flowed to Asia. Now, neither of these arteries is operating, and as a result, the global markets are experiencing a colossal shock,” Birol said.

Looking ahead, Birol identified three key drivers expected to fuel growth in global electricity demand in the coming years: the expansion of data centres to support artificial intelligence, the increasing adoption of electric vehicles, and the wider use of air-conditioning systems.

By Vafa Guliyeva