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IEA Chief warns energy markets will not normalize until 2027
International Energy Agency (IEA) Executive Director Fatih Birol has warned that global energy markets are unlikely to return to pre-war levels until 2027 due to ongoing conflicts involving Iran. Speaking at the International Energy Week in Singapore, Birol noted that oil prices have approached $120 per barrel, which significantly impacts trade deficits in many parts of the world.
Birol highlighted several critical vulnerabilities, including potential diesel shortages during the upcoming winter season as refineries undergo maintenance. He also expressed concern regarding the natural gas market in Europe. The region faces a difficult winter due to the reduction of Russian gas imports and disrupted supplies from Qatar and the United Arab Emirates caused by the conflict.
Currently, EU natural gas storage levels are at 72 percent, which is below the typical 90 percent pre-winter level. This shortage could lead to intense competition between Asian buyers, such as China, Japan, and South Korea, and European consumers, potentially driving prices higher. Amidst these disruptions, Birol noted a strong global resurgence in nuclear energy, with 90 gigawatts of nuclear power capacity currently under construction worldwide.
Entities
China · Europe · European Union · European Union · Fatih Birol · International Energy Agency · Iran · Japan · Middle East · Qatar
Claims
What the coverage asserts, and how many sources carry each claim.
- [○ 1 SOURCE] EU natural gas storage levels are at 72 percent. www.upreg.fr
- [● 6 SOURCES] IEA Executive Director Fatih Birol predicts energy markets will not normalize until 2027. biznisinfo.mk · paratic.com · www.mittelstand-nachrichten.de · presse-augsburg.de · www.sonnenseite.com · +1 more
- [○ 1 SOURCE] Global CO2 emissions from fossil fuels are projected to decrease by approximately 0.5 percent in 2026. www.sonnenseite.com
- [● 2 SOURCES] Brent crude oil prices reached approximately $117 per barrel. biznisinfo.mk · paratic.com
- [○ 1 SOURCE] Middle Eastern oil derivative shipments in September were 1.9 million barrels per day. biznisinfo.mk
- [○ 1 SOURCE] There are 90 gigawatts of nuclear power capacity currently under construction globally. nabatieh.org