IEA Executive Director Fatih Birol met today with Prime Minister Anthony Albanese of Australia and other senior government figures in Canberra to discuss the significant energy market challenges facing the Asia-Pacific region due to the war in the Middle East, as well as measures that could help ease pressures on consumers.
The effective closure of the Strait of Hormuz amid the conflict has slowed a significant portion of the world's oil and gas flows to a trickle. While the consequences are global, the pain is currently being felt most acutely across the Asia-Pacific region, which is the destination for the vast majority of fuel exports from the Middle East.
In their meeting, Dr Birol thanked Prime Minister Albanese for the steps Australia has taken so far to safeguard fuel security, including support for recent IEA actions. On 11 March, IEA Member countries agreed to release 400 million barrels of oil from emergency reserves to ease the market pressure stemming from the near-shutdown of the Strait, the largest ever collective action in history.
During his visit, Dr Birol also had a bilateral meeting with Australia's Minister for Climate Change and Energy Chris Bowen to discuss the latest developments in oil and gas markets and steps the government's response to the crisis.
In Canberra, Dr Birol was invited to speak at a high-level event in the Great Hall of Australia's Parliament House alongside Prime Minister Albanese. In his address to a distinguished audience of government and industry leaders, he highlighted how the IEA is working with countries around the world to support energy security in the face of the current major disruptions. Dr Birol also participated in a fireside chat at the National Press Club of Australia.
