World Business Report IEA warns looming global energy crisis is worst in history
Mar 20, 2026
Wendy Sellers, HR expert and author, on ethics of employee monitoring and wellbeing analytics. Joe Cavattoni, senior market strategist, on recent gold price moves and market participation. John Kilduff, energy trader, on oil production, Strait of Hormuz risks and trading volatility. Chris Lowe, chief economist, on central banks, interest rates and market impacts. Andy Euler, energy reporter, on oil, gas and global energy security.
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IEA Warns Demand Cuts Needed Immediately
- The IEA calls this the greatest global energy security challenge, urging demand cuts because supply fixes will take months due to damaged infrastructure.
- Fatih Birol suggests measures like lower speed limits, avoiding air travel and restricting private car use to reduce demand quickly.
Prioritise Demand Reductions Over Quick Supply Fixes
- Governments should prioritise demand-side measures because supply restoration will be slow and uncertain.
- Andy Euler endorses the IEA's 10-point plan including public messaging and behavioural changes like working from home.
Crisis Could Push Accelerated Energy Transition
- The crisis could accelerate energy transition policies and efficiency gains similar to post-1970s responses like nuclear build and more fuel-efficient cars.
- Andy Euler notes commodity price spikes strengthen arguments for investing in renewables, nuclear and firm clean energy.