We are facing the biggest energy security threat in history: IEA’s Birol

Fatih Birol, the head of the International Energy Agency (IEA)

“We are facing the biggest energy security threat in history,” Fatih Birol, the head of the International Energy Agency (IEA), told CNBC Thursday.

“As of today, we’ve lost 13 million barrels per day of oil ... and there are major disruptions in vital commodities,” he said.

“Europe gets about 75% of its jet fuel from refineries in the Middle East and this is basically now [down to] zero ... Europe is now trying to get it from the US and Nigeria. If we are not able to get, in Europe, additional imports from the countries now, we will be in difficulties,” Birol added.

“I really hope, first of all, that the strait is opened and refinery exports start from there, but we may well need to take some measures in Europe to reduce air travel as well,” he said.