Birol: Oil Crisis Shifts Energy World

0:00On April 24, the oil crisis sparked by the conflict with Iran has forever shifted the fossil fuel game according to Fadi Biroh, head of the International Energy Agency. Countries are losing faith in oil's reliability, pushing them toward renewables and nuclear power for steadier energy. Biroh says the damage is permanent, like a shattered vase you can't fix, cutting deep into global oil demand for years. He warns the UK to skit major North Sea expansions, like the Jackdaw and Rosebank fields. Those projects won't boost energy security or lower bills, despite pressure from the oil industry. Tiebacks to existing fields make sense, but new exploration licenses? Not on commercial grounds, he argues. Reactions are pouring in from experts and campaigners who back borralls take. The UK government welcomes it, sticking to a managed shift away from fossils. Oil lobby noise is loud, but facts show UK reserves are 90 percent depleted,

1:01doing zilch for prices amid this pivot to clean energy. High fossil prices might tempt developing nations toward coal, though solar is already cheaper and booming. Renewables are a no regrets move with zero downsides, viral stresses, while nuclear ramps up too. Impacts hit fertilizers, food, even helium and software, even if shipping lanes reopen. Next week, over 50 governments meet in Colombia for the first global conference on ditching fossils, hashing out crisis responses and renewable. Pushes, this could lock in the energy world's new direction for good.