The International Energy Agency’s (IEA) Executive Director Fatih Birol said the US-Israel war on Iran has pushed countries to open new supply routes for fuel and turn to domestic resources.
“We are in the midst of the largest energy security crisis the world has ever faced – and I believe this will reshape investment strategies globally, with parallels to the major changes the energy world witnessed after the oil shocks of the 1970s,” Birol said in the new World Energy Investment report.
The IEA estimates that oil investments will decline for the third straight year in 2026, falling below $500bn despite rising crude prices.
Global energy investment, however, will reach $3.4 trillion in 2026, slightly higher than the previous year, according to the IEA.
.jpg.jpeg)