Suryaa Business Desk: International Energy Agency (IEA) Executive Director Fatih... Fatih Birol, Executive Director of the International Energy Agency (IEA) has expressed deep concern that the security risks in the international energy market are gradually increasing. He warned that the changing geopolitical conditions at the global level and disruptions in the supply chain are having a severe impact on the energy sector. He clarified that if the countries of the world neglect energy security, they will have to face serious financial crises in the future.
IEA reports make it clear that many countries are currently dependent on limited sources of conventional energy sources, resulting in supply uncertainty. Birol pointed out that tensions in the Middle East and other key regions are causing bottlenecks in the transportation of crude oil and gas. He suggested that all countries should diversify their energy sources and accelerate investments in the renewable energy sector to face these challenges. Experts point out that international cooperation is crucial to counter these short-term and long-term threats in the energy market.
Birol called for countries to come up with collective plans to protect global energy stability and not just their own interests. In the wake of these warnings, the countries of the world have started to review their energy policies.