EXCLUSIVE: Easing sanctions on Russia would be a “major mistake”, says IEA

Added: 2026-05-31

[00:00:00]is the largest energy crisis in the history.

[00:00:04]We had three energy crisis up to now and two oil crisis in 1970s, 1973 and 1979.

[00:00:12]And the 2022 after the Russia's invasion of Ukraine, in Europe we had a natural gas crisis. If I add how much oil and gas we lost in this all three crisis, it is much less than what we lost in the Middle East crisis. Iran crisis now is a huge problem for the global energy system, global economy for Europe and beyond.

[00:00:40]>> And when you say this will trigger fundamental changes, specially you and I want to reiterate this, you talk about energy but also energy security. What kind of changes are you envisioning?

[00:00:48]>> Because this shows us that the world is becoming more and more and dangerous place.

[00:00:57]And here the countries want to secure their energy supplies and this would mean that the countries will review their energy strategies, which technologies, which fuels they are going to choose and with which countries they are going to work. From which countries they import energy for example and they are going to review their energy strategies and this will have major implications for the investment and beyond.

[00:01:23]>> And some would argue no continent has paid such a high price over its strategic dependencies than Europe. But before we get into that, I also want to ask you for European viewers, in mid-April you made some comments which obviously made a lot of headlines certainly Europe about jet fuel. You warned that in six weeks there could be no jet fuel. That created a lot of anxiety among finance ministers and also just Europeans who thought this summer, am I going to be able to go on vacation, am I going to be able to pay for fuel tickets? What is the situation now because from the outside it seems that very stressed-out scenario did not fully manifest. But is it the case?

[00:02:01]>> So, the reason I said this is very simple. Europe imports about 75% of its jet fuel from Middle East, normally.

[00:02:12]And it is not finished.

[00:02:15]And when we look at our stocks, jet fuel stocks, they are diminishing. And I said, we said that if Europe cannot find new sources of imports, we are going to have major problems in terms of flying.

[00:02:32]Now, in the meantime, Europe was able to get some jet fuel from United States and from Nigeria to compensate this gap from Middle East. So, which means that we are now sort of okay when we are entering the traveling season, but but we are going to pay much higher for flying here or there.

[00:02:56]>> And of course, that takes us to the idea that this is not necessarily a supply crisis, but a price crisis. I do want to ask you >> But also, let's not forget that the many companies, after I made this announcement, many companies, the Lufthansa, the the Scandinavian, the Ryanair, and all of them, KLM, they cut their flights.

[00:03:16]>> And they cut their flights and I do what just on this point because I think this is a very important. Some, certainly Brussels, believed that statements like that, they were contributing to fear-mongering. Is that something that you would go, no, this is my duty and I had to say what I said and I stand by those comments?

[00:03:33]>> Our motto is very clear, no fear, no favor. We look at the data, we say give a wake-up call to the countries, and if we didn't give this wake-up call, they wouldn't rush to get the from Nigeria and United States, and thanks to them, thanks to this our wake-up call, they were able to get some jet fuel from US and Nigeria, which barely now addresses the problem.

[00:03:59]>> So, in that sense, is the situation the outlook now for Europe looking relatively better compared to 2 months ago or is it still uncertain because we're seeing the commission just got their forecast for growth this year?

[00:04:12]>> Yes, I wouldn't say better but less worse than before.

[00:04:17]>> And what does that mean this year?

[00:04:19]>> Until until of course we don't know what will happen with the state of Hormuz.

[00:04:25]I very much hope that very soon we get a fully and unconditional opening of state of Hormuz. If it doesn't happen, the problem with the jet fuel and diesel and beyond will be with us for weeks to come.