International Energy Agency Chief Warns of Diesel Prices and Inflation
Speaking at a meeting in Antalya, IEA President Fatih Birol stated that diesel prices, which have doubled due to wars, will trigger global inflation.
International Energy Agency President Fatih Birol stated during an event in Antalya that diesel prices have nearly doubled compared to pre-war levels due to ongoing conflicts, and this situation will put upward pressure on inflation globally.
Statements Made at the Meeting in Antalya
International Energy Agency President Fatih Birol spoke at the opening of the "Beyond Climate: Towards Antalya" gathering, organized by Oksijen Newspaper with Koç Holding as the main sponsor.
New Era in Energy Markets
Birol emphasized that a new era in global energy markets began following the US/Israel-Iran War that started on February 28, and that this process has brought along a major energy crisis.
Refined Products and Diesel Prices
Reminding that oil prices are hovering around 100 dollars, Birol stated that rather than crude oil prices, refined petroleum products, especially diesel prices, are of critical importance.
Huge Increase in Transportation and Agriculture
Drawing attention to the fact that diesel prices in the transportation and agriculture sectors have increased nearly twofold compared to before the war, Birol noted that this massive increase will soon put upward pressure on inflation figures worldwide.
Reasons Behind the Increase
In addition to high crude oil prices, the damage and destruction of certain refineries in the region during the Middle East and Russia-Ukraine wars played a role in this rise in diesel prices.
China's Power in Critical Minerals
Touching upon China's power regarding critical minerals in his speech, Birol stated that if Iran holds the Strait of Hormuz, China holds a power many times greater than that.