Canberra/Moscow/Tehran. The impact of the ongoing war in West Asia is now seriously visible at the global level. International Energy Agency (IEA) Executive Director Fatih Birol has warned that the current energy crisis could be bigger than the oil crises of the 1970s and the gas crisis of 2022. He said the near-closure of the Strait of Hormuz and attacks on energy assets had led to a sharp decline in global oil supply.
According to Birol, more than 40 energy installations in nine countries in West Asia have been seriously damaged, due to which the supply chain may be affected for a long time. Oil supply has declined by about 11 million barrels per day, while LNG supply has also declined significantly. Its biggest impact is on Asian countries, which are dependent on this region.
Considering the seriousness of the situation, emergency steps are being taken at the international level. The Paris-based agency plans to release 400 million barrels of oil from emergency reserves. Also, to reduce energy consumption, measures like work from home, carpooling and reducing speed limits have been suggested. Experts believe that if the Strait of Hormuz is not opened soon, it could have a long-term impact on the global economy.
Meanwhile, the Russia-Ukraine war is also increasing global instability. More than 100 flights at St. Petersburg’s Pulkovo airport were canceled or delayed due to the Ukrainian drone attack. Air operations at Pulkovo airport were disrupted for about eight hours. According to Russian officials, more than 250 drones were shot down, while numerous energy and infrastructure facilities were damaged.
On the other hand, the conflict between Iran and Israel in West Asia has intensified. There have been massive explosions in Tehran and reports of massive destruction in many areas. In retaliation, Iran launched missile attacks on Israel, which has further increased tension in the region. The Qasmiyeh bridge in Lebanon was targeted and destroyed, disrupting traffic and relief efforts. Israel claims that the bridge was being used by Hezbollah.
The global situation remains extremely sensitive amid these incidents. Energy crises, military conflicts and attacks on infrastructure have created a multidimensional crisis for the world. Experts believe that if a diplomatic solution is not found soon, it could have a long-term impact on the global economy and the lives of common people.
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