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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.