World could face worst energy crisis in decades, IEA chief warns

The war in the Middle East could see the world face its worst energy crisis in decades, International Energy Agency chief Fatih Birol warned Monday, describing the situation as "very severe".

"Many of us remember the two consecutive oil crises in the 1970s... at that time, in each of the crisis, the world has lost about five million barrels per day, both of them together, 10 million barrels per day," Birol told the National Press Club in Australia's capital.

"As of today, we lost 11 million barrels per day, so more than two major oil shocks put together," he said.