Baku: Geopolitical developments in the Middle East are raising significant concerns for global energy security, according to Fatih Birol, Executive Director of the International Energy Agency (IEA). During the presentation of the IEA’s World Energy Outlook 2024, Birol highlighted the strategic importance of the region, noting that it accounts for a significant portion of the world’s oil and gas production.

According to Trend News Agency, Fatih Birol emphasized the critical nature of the Middle East in terms of energy supply, with approximately 20 percent of global oil passing through the Strait of Hormuz. This makes the region a focal point for the IEA, which is closely monitoring market dynamics in both oil and gas sectors. The World Energy Outlook report discussed by Birol also delves into various challenges related to energy security, including the risks posed by the concentration of clean energy manufacturing and the supply chains of critical materials.

Birol further mentioned the emerging threats to en
ergy infrastructure caused by climate change, such as increasingly frequent and severe weather events. Recognizing the evolving definition of energy security and the necessity for a unified approach among global leaders, the IEA has planned an international summit in collaboration with the UK government. Scheduled for April in London, the summit aims to address the future of energy security and foster international cooperation on this front.