Public Event Detail
The Mother Of All Energy Crises Is Just Beginning, IEA Warns - April Will Be 'Much Worse'
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Event summary
The International Energy Agency (IEA) is warning of the most severe energy crisis in modern history, indicating that the full impact of the Iran war is just beginning to affect markets. IEA Executive Director Fatih Birol stated that April will be "much worse" than March, with an estimated 12 million barrels per day of oil supply lost, surpassing the combined impact of the 1973 Arab oil embargo and the 1979 Iranian Revolution. This supply shock is already impacting energy-linked assets, leading to outperformance in broad energy funds and integrated majors like Exxon Mobil Corp. (XOM).