IEA chief Birol warns energy crisis will continue into 2027

Speaking virtually at the Investment Summit Towards COP31 held in Istanbul, Birol said he does not expect energy markets to return to normal next year. He emphasized that conflicts in the Middle East and disruptions in the Strait of Hormuz are affecting global energy supplies, adding that the crisis continues to impact multiple sectors, particularly the economy and agriculture.

Birol stated that energy security remains a top priority for countries, prompting governments to explore alternative energy sources and supply routes. He proposed making electrification a central agenda item at the upcoming COP31 summit in Antalya and revealed that work is underway on an international agreement aimed at increasing electricity's share of global energy consumption from 23% to 35% by 2035. Birol emphasized that this transition would strengthen energy security while reducing carbon emissions.