IEA does not believe in lowering energy prices The conflict in the Middle East has stressed energy markets to such an extent that the prices of oil, fuel and natural gas will not return to pre-war levels in 2027, said Fatih Birol, Director General of the International Energy Agency (IEA). "I'm afraid I don't see any compelling scenario where the markets can get back next year to where we were before this war started," Birol said at Singapore's International Energy Week conference. He warned that it is unlikely that the energy markets will quickly return to the conditions seen before the current crisis. The world faces a major energy security challenge as major global energy arteries come under stress and security is the scarcest commodity in energy markets today. According to the head of the IEA, high oil and fuel prices are hurting the economies and budgets of many countries, especially in Asia. Birol stated that the current crisis will accelerate the entry of the "electricity age" and expand the capacity of nuclear power. "Oil prices are approaching $120 per barrel, and the prices of petroleum products are even higher," said the head of the IEA at a press conference held as part of the event. "I can say that the current price of oil in some countries, for example in Europe, may not be so high and affordable. But in many parts of the world, oil prices approaching $120 have a significant impact on the trade deficit." The current crisis in the diesel and fuel oil markets may last until the middle of next year, according to the IEA's monthly report for October.

IEA does not believe in lowering energy prices The conflict in the Middle East has stressed energy markets to such an extent that the prices of oil, fuel and natural gas will not return to pre-war levels in 2027, said Fatih Birol, Director General of the International Energy Agency (IEA). "I'm afraid I don't see any compelling scenario where the markets can get back next year to where we were before this war started," Birol said at Singapore's International Energy Week conference. He warned that it is unlikely that the energy markets will quickly return to the conditions seen before the current crisis. The world faces a major energy security challenge as major global energy arteries come under stress and security is the scarcest commodity in energy markets today. According to the head of the IEA, high oil and fuel prices are hurting the economies and budgets of many countries, especially in Asia. Birol stated that the current crisis will accelerate the entry of the "electricity age" and expand the capacity of nuclear power. "Oil prices are approaching $120 per barrel, and the prices of petroleum products are even higher," said the head of the IEA at a press conference held as part of the event. "I can say that the current price of oil in some countries, for example in Europe, may not be so high and affordable. But in many parts of the world, oil prices approaching $120 have a significant impact on the trade deficit." The current crisis in the diesel and fuel oil markets may last until the middle of next year, according to the IEA's monthly report for October.