HIGHLIGHTS: Fatih Birol - Executive Director of the International Energy Agency

The global economy faces an unprecedented energy security threat stemming from Middle East instability, surpassing the combined impact of the 1970s oil shocks and the 2022 Russian gas crisis. Dr. Fatih Birol, Executive Director of the International Energy Agency, highlights that the world has lost 12 million barrels of oil per day—more than double the loss of previous crises—while gas supply disruptions now exceed those caused by the invasion of Ukraine. This volatility forces a shift in global energy strategy, likely accelerating a "comeback" for nuclear power, rapid electrification of transport in Asia, and increased renewable deployment. However, high natural gas prices may also trigger a temporary resurgence of coal in China and India. European governments face the specific challenge of rising electricity costs driven by spot market competition, necessitating targeted, temporary subsidies to protect vulnerable populations and prevent extreme political shifts before upcoming elections.