BREAKING: Israel continues its demolition operations in southern Lebanon; the ceasefire between Iran and the United States expires Wednesday evening
In breaking news, the following story has emerged from the international scene.
War in the Middle East: “It’s the biggest crisis in history,” says Fatih Birol, director of the IEA on France Inter In an interview with France Inter radio on Tuesday, Fatih Birol, director of the International Energy Agency (IEA), warned of “terrible consequences for the entire global economic landscape” after several weeks of war in the Middle East, marked by the blockade of the Strait of Hormuz and the rise in oil prices. energy. “It is indeed the biggest crisis in history,” he explained, referring to a situation combining “this oil crisis” and “the gas crisis with Russia”. “It’s already a huge crisis, but it’s not just oil and gas, it’s also fertilizers, petrochemicals, sulfur, all these products that will be in short supply, pushing inflation around the world, and particularly in emerging and developing countries, this will slow down growth,” he added. The energy market, “is tens of trillions of dollars which are at the mercy of a handful of people, a hundred people who have cannons, who monitor a strait about fifty kilometers wide, well it’s absurd,” he continued. According to him, even if the Strait of Hormuz is reopened, it could take “two years” for energy prices to return to normal. He adds that “things will not recover quickly” and “it will be very gradual”, because “the energy market will be very volatile”. Fatih Birol said he was worried “much more about Africa than about Europe”, believing that “emerging countries, like Bangladesh, Pakistan (…) will encounter real difficulties”. “It will start with a slowdown in economic growth in these countries, a loss of jobs, unemployment which will become widespread”, before transforming into a “debt spiral”, he explained. In France, “the population (…) may suffer because there will be higher prices at the pump”, but “what will get worse is inflation in general and there will be negative effects on purchasing power”, he insisted. Despite everything, this crisis could represent “the opportunity to retrace the global energy map”, with “winners”, such as “renewables”, “nuclear” or even “electric cars”. “In addition to that, I believe there will be Asian countries that will be able to use coal more, their own coal which will cost less,” he added.
What This Means:
This report highlights significant developments in the international landscape that could reshape diplomatic relations in the coming weeks.
This is part of a broader trend that has been reshaping the geopolitical landscape in recent months.
What are your thoughts on this development? Share your views in the comments below.
Source: This article was originally published in another language by International : Toute l’actualité sur Le Monde.fr. and has been translated and adapted for our global English-speaking audience. Read the original article here.