Mideast war reshaping national energy strategies: IEA

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The Middle East war is pushing countries to open new supply routes and turn to domestic resources to tide over the world’s biggest energy crisis, the International Energy Agency said, according to AFP.

“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,” said IEA executive director Fatih Birol.

“We are already seeing intensified efforts by both producer and consumer countries to diversify trade routes and energy sources — such as advancing new pipelines and other supply infrastructure, on the one hand, and turning more to domestically available resources, on the other,” he added in the World Energy Investment report by the energy agency of the Organisation for Economic Co-operation and Development.

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