IEA chief on the Strait of Hormuz: This is the biggest energy security threat in history

Fatih Birol, head of the IEA, warns of significant energy security threats due to lost supply routes, particularly through the Hormuz Strait. He commends Hungary's renewable energy efforts but emphasizes the need for increased storage capacity. Birol highlights the critical situation in global oil and gas markets, exacerbated by geopolitical tensions and supply disruptions. He urges governments to release diesel reserves and suggests regulatory measures to manage consumption. The IEA anticipates volatility in energy prices and stresses the importance of diversifying LNG sources for Europe amid competition with Asia. Birol cautions against resuming Russian gas imports, viewing it as a strategic mistake.