IEA Warns of Historic Threat to Energy Security
The war in Iran could lead to a historic energy crisis, warns Fatih Birol, head of the International Energy Agency, in an interview with CNBC. According to Birol, around 13 million barrels of oil per day have been knocked out and there are major disruptions to key raw materials.
– We are facing the greatest threat to energy security in history, Fatih Birol tells CNBC.
The IEA has previously warned of fuel shortages in Europe and that the situation is worse than the oil crises of the 1970s and the Ukraine war combined.
The war hits US farmers: “The last thing we needed”
The skyrocketing costs in the wake of the war in the Middle East are putting pressure on US farmers, reports the Financial Times. The price of fertilizer has skyrocketed at the same time as diesel has become more expensive.
“I am outraged [...] when the agricultural sector is already struggling, the last thing we needed was this,” farmer John Yeley told the FT.
Before the war, ammonia, which is spread on corn fields, cost $800 a tonne. Today, the price is $1,050, a $53,000 increase in costs for Yeley.
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