Current oil and gas crisis worse than 1973, 1979, 2002 together, says IEA chief

The current oil and gas crisis triggered by the blockade of the Strait ​of Hormuz is "more serious than the ‌ones in 1973, 1979 and 2002 together", the head of the International Energy Agency (IEA) Fatih Birol has said.

"The world has ​never experienced a disruption to energy supply ⁠of such magnitude," he told Le Figaro newspaper

He said the European countries, as well Japan, Australia and others will suffer, but ​the countries most at risk were developing ​nations which will suffer from higher oil and gas ‌prices, ⁠higher food prices and a general acceleration of inflation.

The IEA member countries agreed last month to release part of their strategic reserves. ​Some of ​this had ⁠already been released and the process continues, said Birol.

Following strikes by Israel and the United States, Iran has effectively restricted transit through the Strait of Hormuz, a vital corridor for about 20% of the world’s oil and gas, driving energy prices higher.