Hi everybody and welcome to In Good Company. I'm Nicola Tangen, the CEO of the Norwegian Southern

Wealth Fund and today we have a tremendous guest, Dr. Fati Birol, executive director of the

International Energy Agency. And wow, what a topical podcast this is going to be. So a big welcome,

Fatie. Thank you very much, Nikola.

Now, you have warned that markets and politicians are still underestimating the consequences of the crisis in the Middle

East. What are they getting wrong? You know, Nikola, we are an intergovernmental organization.

We work for the government's public institution. After the war has started, since there are many market-related dynamics, I told my colleagues

and myself, three weeks, we didn't make any public statement, the newspapers, with the

journalists, even though we receive, as usual, lots of requests, except for

I made a statement about the oil release of the IEA, this other story.

But I saw that the decision makers, governments in Europe, but around the world didn't

understand how big the problem is and can be not for the energy sector,

but for the global economy. So it is the reason I decided it was a week ago or so to come up

with some numbers, make the people understand that this This is a serious issue for all of us.

And the way to deal with this is, first we recognize what a big problem it is.

And I tried to describe what the problem is.

And I think it was, in my view, a good move that it gave a big drive to policymakers to discuss more intensely about the situation.

You've said that it's the greatest global energy security threat in history and bigger than 73 and so on.

Just what metrics are you looking at?

So, you know, we have many energy crises, unfortunately, but when you look at the last couple of decades, three of them stand.

One of them, the 73 oil crisis, 79 oil crisis, and 22, Russia invasion of Ukraine and gas.

So when you look at the oil crisis, 7379, in both of them, we lost each about 5 million barrels per day of oil.

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