IEA chief Fatih Birol

A global oil crisis triggered by conflict with Iran has permanently reshaped the energy landscape, the world’s top energy watchdog has warned. The fallout is already rippling through markets, policy rooms and household bills—with no quick return to normal.

Fatih Birol says the shift is structural, not temporary: governments are losing faith in fossil fuels and accelerating away from them.

Trust Collapses as Oil Loses Its Grip

Birol argues the crisis has shattered confidence in oil as a reliable backbone of the global economy. Energy security fears are now driving a surge toward renewables and nuclear power.

“The damage is done,” he warns, likening the system to a shattered vase. Demand patterns are shifting, and oil’s dominance is being quietly but decisively eroded.

Britain Told: North Sea Won’t Save You

The warning lands squarely in the UK’s political crossfire. Calls to expand drilling in the North Sea—including projects like Rosebank oil field—are dismissed as ineffective.

Birol is blunt: new fields won’t cut bills or meaningfully boost energy security. The UK will remain exposed to volatile global prices regardless.

Long Delays, Short Gains

Even commercially, the case is weak. New exploration could take years to deliver—and may never justify the investment.

Birol stresses that the economics no longer stack up. By the time new oil flows, the market may already have moved on.

Crisis Fuels Clean Energy Surge—With Risks

The upheaval is accelerating investment in renewables, described as a “no regrets” option. But high fossil fuel prices risk pushing poorer nations back toward coal, threatening climate progress.

The shock extends beyond fuel—hitting food, fertiliser and industry supply chains, even if key routes stabilise.

Global Stakes Rise Ahead of Crunch Talks

More than 50 governments are set to meet in Colombia for the first global summit on phasing out fossil fuels. The pressure is mounting for a coordinated response.

Birol’s message is uncompromising: the world has been blindsided—and the consequences will define energy policy for years to come.

‘The damage is done’: Global oil crisis has changed fossil fuel industry for ever, IEA chief says

And the price of oil and oil futures was down today.

9 minutes ago, Yellowtail said:

And the price of oil and oil futures was down today.

Yes, I only paid AUD 3 per litre of diesel

Minor fluctuations in the global oil market do not represent longer term predictions based on sustained supply issues to refineries once any current minor surpluses are exhausted and continuation of US interference in general global trade .

3 minutes ago, still kicking said:

Yes, I only paid AUD 3 per litre of diesel

I paid AUD 1.86 on April 17th, which was down from AUD 2.19 that I paid on April 8th.

5 minutes ago, 0ffshore360 said:

Minor fluctuations in the global oil market do not represent longer term predictions based on sustained supply issues to refineries once any current minor surpluses are exhausted and continuation of US interference in general global trade .

Three-year oil futures are down to ~$72 a barrel

3 minutes ago, Yellowtail said:

Three-year oil futures are down to ~$72 a barrel

555 . Of course! Next will be they are a bonus on EV purchases ! LMAO

And guess which country benefits from it?

China’s exports of clean technology climbed in March, reinforcing signs that manufacturers are benefiting from rising global demand for alternative energy sources as traditional supplies are roiled by the Iran war.

The most notable growth came in shipments of lithium-ion batteries and electric vehicles, with an annual increase of 34 per cent and 53 per cent, respectively, according to data released by China’s General Administration of Customs on April 18. Solar cells also saw 80 per cent growth in March.

https://www.straitstimes.com/asia/east-asia/china-clean-tech-exports-jump-as-iran-war-spurs-demand