IEA's Birol does not expect energy markets to return to pre-war levels in 2027

International Energy Agency Executive Director Fatih Birol said on Monday he does not expect energy markets to regain their pre-war position in 2027. Speaking at the Singapore International Energy Week, he urged governments and businesses to put energy security first while considering longer-term plans.

The Iran war has disrupted global energy flows and pushed up oil benchmarks and refined-product prices. Brent reached $117 a barrel on Friday, its highest in nearly six months, and was still about 59% above its pre-war level on Monday. Birol also warned that winter demand, refinery maintenance and reduced gas exports from Qatar and the Emirates could add pressure, while noting that 90 gigawatts of nuclear plants are under construction, the highest level in four decades.