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\u201cWe are facing the biggest energy security threat in history,\u201d Fatih Birol, the head of the International Energy Agency, or IEA, told CNBC on Thursday.<\/p>\n
\u201cAs of today, we\u2019ve lost 13 million barrels per day of oil … and there are major disruptions in vital commodities,\u201d he told Steve Sedgwick virtually at CNBC\u2019s\u00a0CONVERGE LIVE<\/a> in Singapore.<\/p>\n Birol has previously warned that the Iran war and ongoing closure of the Strait of Hormuz would result in \u201cthe largest energy crisis we have ever faced\u201d and urged governments to bolster their resilience with alternative energy sources.<\/p>\n \u201cI expect, first of all,\u00a0nuclear\u00a0power, will get a boost. … Renewables will grow very strongly \u2014 solar, wind and others \u2014 [and] I expect electric cars will benefit from this,\u201d he noted. Alternative fossil fuels could also make a comeback, he noted.<\/p>\n \u201cIn some countries, I expect the coal may also see a push and go back up, especially in some big countries in Asia.\u201d<\/p>\n<\/div>\n The vital maritime passage \u2014 through which an average 20 million barrels of oil and petroleum products were shipped every day before the war \u2014 is currently under a \u201cdouble-blockade\u201d with neither Iran nor the U.S. allowing vessels to enter or exit the strait.<\/p>\n<\/div>\n Describing the strait as one of the world\u2019s \u201cmost critical oil transit choke points<\/a>,\u201d the IEA has warned that the closure will impact global economic growth, spur inflation and could lead to energy rationing. The agency has warned of\u00a0an imminent jet fuel crunch<\/a>\u00a0in Europe, with some countries facing shortages within weeks.<\/p>\n \u201cEurope gets about 75% of its jet fuel from refineries in the Middle East and this is basically now [down to] zero. … Europe is now trying to get it from the U.S. and Nigeria. If we are not able to get, in Europe, additional imports from the countries now, we will be in difficulties,\u201d Birol told CNBC on Thursday.<\/p>\n \u201cI really hope, first of all, that the strait is opened and refinery exports start from there, but we may well need to take some measures in Europe to reduce air travel as well,\u201d he said.<\/p>\n<\/div>\n The 32-member IEA has tried to mitigate the impact of the global energy supply disruption by agreeing in March to release 400 million barrels of oil\u00a0from emergency stockpiles.<\/p>\n Birol said in early April that while the IEA would consider releasing a second tranche of reserves, such a move would represent a reprieve rather than a resolution to the crisis, \u201cThis is only helping to reduce the pain, it will not be a cure,\u201d he told the \u201cIn Good Company\u201d podcast hosted by Nicolai Tangen, CEO of\u00a0Norges Bank Investment Management.<\/p>\n \u201cThe cure is opening up the Strait of Hormuz. We are gaining some time, but I don\u2019t claim that this will be a solution, our stock release,\u201d he added.<\/p>\n<\/div>\n\n\n\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n