The damage is done': global oil crisis has changed fossil fuel industry for ever, IEA chief says

"The vase is broken, the damage is done; it will be very difficult to put the pieces back together. This will have permanent consequences for the global energy markets for years to come."

"These fields would not change much for the UK's energy security, nor would they change the price of oil and gas. They would not make any significant difference to this crisis."

"Granting exploration licences for further new fields in the North Sea would not lower bills in the UK. They won't provide any significant quantities of oil and gas for many years to come."

The Iran war has fundamentally transformed the fossil fuel industry, leading to a decline in trust and demand for fossil fuels. Countries are expected to reassess their energy strategies, favoring renewables and nuclear power. Fatih Birol of the IEA emphasized that the crisis has irreversible effects on global energy markets. He advised the UK against expanding North Sea drilling, stating it would not significantly impact energy security or oil prices. New exploration licenses would not yield immediate benefits and would not alleviate current energy costs.

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