IEA Warns Current Oil Crisis Exceeds Past Shocks

IEA’s Fatih Birol warns that current oil and gas turmoil exceeds the crises of 1973, 1979, and 2002. He calls it history’s biggest supply shock after Iran’s Hormuz blockade due to actions involving Israel and the US. Twenty million barrels daily, 20% of global supply, stopped. Gulf nations cut over 11 million barrels daily, creating an unprecedented challenge.