Global Economy Faces Major Threat Because of Iran War, IEA Chief Says

Fatih Birol said that he was in discussions with member states about a further release of emergency oil reserves.

International Energy Agency Executive Director Fatih Birol in Brussels on March 6, 2026. Nicolas Tucat/AFP via Getty Images

The chief of the International Energy Agency (IEA) said on March 23 that the global economy faces a “major, major threat” as a result of the Iran war.

“No country will be immune to the effects of this crisis if it continues to go in this direction,” IEA Executive Director Fatih Birol said at Australia’s National Press Club in Canberra.