International Energy Agency warns of potentially severe energy crisis
The global energy crisis triggered by the war in the Middle East could become the worst in decades, the head of the International Energy Agency (IEA) said on Monday.
Fatih Birol described the situation as “very serious”, warning that supply disruptions are already exceeding those seen during previous crises. “At this moment, we are losing 11 million barrels per day, which is more than the two major oil crises combined,” he said, referring to the shocks of the 1970s and the impact of the war in Ukraine.
“No country will be immune to the consequences of the crisis if it continues in this way,” he added, calling for coordinated global action. The IEA is in contact with governments in Europe and Asia and is prepared to release additional oil from strategic reserves “if necessary”. Member countries have already committed to releasing 400 million barrels, the largest such intervention in the agency’s history.
The disruption is also affecting energy infrastructure, with Birol noting that at least 40 installations across nine countries have been “heavily or very heavily” damaged.
Support measures
In Belgium, governments are beginning to assess how to respond to rising energy costs. The Flemish core cabinet will meet on Monday evening to discuss possible measures to protect household purchasing power, according to Energy minister Hans Bonte.
Bonte said he would propose reducing electricity bills by 50 euros per household per year. “50 euros might not be much, but every little bit helps. We are really monitoring how the situation evolves day by day and almost hour by hour," he said. "We know that people and businesses are losing sleep over those energy prices, so we want to discuss how the Flemish government can help them."
"Be frugal and keep an eye on your energy bill"
He underscored the need for close coordination with the federal government, adding that he is already in contact with federal Energy minister Mathieu Bihet. “We need to find common ground quickly now and, above all, prepare ourselves in case the situation worsens.”
At the same time, Bonte urged caution. “I hope we can present a proposal in the federal working group as early as tomorrow. In the meantime, be frugal and keep an eye on your energy bill.”
The IEA was established in 1974 in response to the oil crisis and brings together 33 member countries, including Belgium. It monitors global energy markets and coordinates emergency responses, such as the release of strategic reserves. In 2022, following Russia’s invasion of Ukraine, the agency released 182 million barrels of oil.
© BELGA PHOTO DIRK WAEM
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