BAKU, Azerbaijan, October 16. Geopolitical developments in the Middle East are very worrying for humanitarian reasons and from an energy security point of view, said Fatih Birol, Executive Director of the International Energy Agency (IEA), as he addressed the presentation of IEA's World Energy Outlook 2024, Trend reports.
“Because a lot of oil and gas is produced in the very region and about 20 percent of the global oil supply goes through the strait of Hormuz. So as such, it is a major concern for the IEA and we are monitoring the situation day by day very closely: what is the situation in the oil markets and in the gas markets. This report of course looks at several energy security challenges. A major emphasis is on the traditional energy security risks on oil and gas. The World Energy Outlook also looks at the emerging energy security challenges such as the risks in terms of the concentration of manufacturing of the clean energy supply chains, critical matters, key topics in our outlook,” he said.
Birol went on to add that another area is that as a result of climate change, the world is witnessing extreme weather events. which are becoming much more intense and much more frequent and they have a serious impact on the energy infrastructure.
“We are looking at the energy security from different angles and we thought as International Energy Agency, since the definition of the energy security is evolving and there is a need to have a common understanding among the nations’ decision makers around the world, we have decided, together with the UK government, next April in London to host an international summit on the future of energy security. We will report this in the next days to come,” he said.
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