Fatih Birol, head of the International Energy Agency (IEA), said the Iran war is causing the worst energy security crisis in history.
In an interview published on the 20th (local time) by the Financial Times (FT), Birol said, "Even if the conflict ends and the Strait of Hormuz is reopened, it could take more than six months to bring damaged oil and gas fields back online," and stated accordingly.
Birol compared the situation to the oil shock of the 1970s. He said the volume of crude lost due to the Iran war is greater than during the oil shock, which triggered a global recession and fuel rationing.
He added, "People understand that this situation is a serious challenge, but it seems they are not fully seeing the gravity of it."
He particularly stressed that while the IEA has decided to release strategic reserves to help resolve the crisis, a fundamental solution hinges on reopening the strait.
He went on to say, "The most important step is to resume shipments through the Strait of Hormuz," forecasting that oil prices are likely to keep rising as long as the strait remains blocked.
He also urged Europe not to ease sanctions on Russian gas.
Since prices for Russian gas have moved in tandem with oil, it makes no economic sense, and Europe should not repeat the mistake of relying excessively on Russia for energy supplies in the past.
In the interview, Birol predicted the crisis will trigger policy shifts similar to those during the oil shock.
He said that, just as nuclear power plants were built and trade routes were altered in response to the oil shock, the response to the Iran war will give momentum to a shift to renewable energy and bring a renewed boom for nuclear power.