The International Energy Agency chief has warned that the world is facing the worst energy crisis and that the global economy is facing a major threat as a consequence of the ongoing Middle East war.
Speaking at a media event at the National Press Club of Australia on Monday, IEA Executive Director Fatih Birol said the situation is worse than the two oil crises in the 1970s, and the gas market crash following Russia's invasion of Ukraine in 2022.
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Business News
May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.