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IEA responding to major global energy security threat
…what our Executive Director Fatih Birol has described as “the greatest threat to global energy security in history”, with a larger loss of oil supply than in the oil crises of the 1970s and a larger loss of natural gas supply than during the 2022 energy crisis linked to Russia’s invasion of Ukraine.
In response, IEA Member countries unanimously agreed https://www.iea.org/news/iea-member-countries-to-carry-out-largest-ever-oil-stock-release-amid-market-disruptions-from-middle-east-conflict on 11 March to release around 400 million barrels of additional oil supply to the market…
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Global shocks have driven a surge in energy policy activity and government spending
…Government spending on energy has more than doubled since 2019 – a period that included the disruptions of the Covid-19 pandemic and the 2022 energy crisis. Globally, annual government spending on energy exceeded $405 billion in 2025, according to the report. Even before the outbreak of the war in the Middle East this year and the major impacts on energy markets around the world, annual government spending on energy was projected to remain near 2025 levels through 2030. The bulk of public spending has been directed towards longer-term investments in energy infrastructure, advanced manufacturing, renewable energy, energy efficiency and…
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New IEA report highlights options to ease oil price pressures on consumers in response to Middle East supply disruptions
…air travel, cooking and industry amid strains in diesel, jet fuel and LPG markets The International Energy Agency today set out a range of demand-side actions that governments, businesses and households can take to alleviate the economic impacts on consumers of the disruptions to oil markets stemming from the war in the Middle East.The conflict has triggered the largest supply disruption in the history of the global oil market, with shipping through the Strait of Hormuz, which normally carries around 20% of global oil consumption, reduced to a trickle. Around 20 million barrels per day of crude oil…
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IEA confirms Member country contributions to collective action to release oil stocks in response to Middle East disruptions
Following the agreement announced on 11 March for the IEA Member countries to make 400 million barrels of oil available to the market, initial volumes of oil from the emergency reserves have already started to be made available. The Governing Board of the IEA met yesterday to review the situation in energy markets and the implementation of the collective action.As detailed in the table below, the overall release of emergency stocks will largely consist of crude oil, while in Europe the contributions will primarily take the form of refined oil products. This is being complemented by additional production from…
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IEA Executive Director meets German Chancellor to discuss energy security and industrial competitiveness
…of Germany and senior government ministers in Berlin to discuss the implications of the conflict in the Middle East for global energy markets and supply chains, as well as policy options to shelter consumers from the price impacts and support industrial competitiveness.In their bilateral meeting, Chancellor Merz and Dr Birol covered a wide range of topics, including the effects of the de facto closure of the Strait of Hormuz on energy supplies and economic activity, as well as the IEA’s work supporting governments in responding to the disruptions. They also spoke about the importance of energy-intensive industries…
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Statement by IEA Executive Director Fatih Birol on meeting of G7 Energy Ministers at IEA headquarters
…Today, the IEA hosted a meeting of G7 Energy Ministers at our headquarters in Paris, chaired by Minister Roland Lescure of France, which holds the G7 Presidency. At the meeting, I provided an update on the IEA’s view of the situation in global oil and gas markets, which have been significantly affected by the conflict in the Middle East.In oil markets, conditions have deteriorated in recent days. In addition to the challenges of transit through the Strait of Hormuz, a substantial amount of oil production has been curtailed. This is creating significant and growing risks for the market…
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Tracking Energy Crisis Policy Responses
Background information The conflict in the Middle East has dealt a major shock to global energy markets. The near closure of the Strait of Hormuz has triggered the largest supply disruption in the history of oil markets, alongside significant impacts on supplies of natural gas and other energy-related commodities. As concerns over supply security have grown, prices have risen across several parts of the energy system, increasing pressure on household budgets, public finances, and economic activity more broadly.Many actions are being taken to bolster oil supply, including the largest-ever release of emergency oil stocks coordinated by the…
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How the energy world entered this crisis
What did the global energy landscape look like just before the outbreak of the war in the Middle East sent shockwaves through energy markets in March? What were the major trends – and what might they tell us about what comes next? In this episode, IEA energy analyst Alex Martinos discusses the findings from the Global Energy Review 2026, which provides a comprehensive assessment of global energy trends in 2025. He highlights important developments across fuels, technologies, the electricity sector and emissions, along with the potential implications for the current energy context.
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Joint Statement by the Heads of the International Energy Agency, International Monetary Fund, and World Bank Group
…Middle East. They issued the following joint statement:The Middle East war has caused major disruptions to lives and livelihoods in the region and triggered one of the largest supply shortages in global energy market history. The impact is substantial, global, and highly asymmetric, disproportionately affecting energy importers, in particular low-income countries. It is already transmitted through higher oil, gas and fertilizers prices, and is triggering concerns about food prices as well. Global supply chains—including of helium, phosphate, aluminum, and other commodities—are affected, as is tourism due to flight disruptions at key Gulf hubs. The resulting market…
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Governments around the world commit to making energy efficiency a cornerstone of energy policy amid Strait of Hormuz crisis
…to global energy markets following the war in the Middle East had reinforced the need to accelerate energy efficiency as one of the quickest and most effective ways to lower energy costs, strengthen energy security and reduce exposure to future market volatility.In the statement, governments called for stronger action on energy efficiency, including increased support for vulnerable households and businesses, renewed efforts to improve efficiency in buildings and data centres, and measures to unlock investment without creating unnecessary administrative burdens.Recognising that vulnerable households and small and medium-sized enterprises (SMEs) are often among those hardest hit by energy…
