IEA Executive Director Fatih Birol told the Singapore International Energy Week conference on Monday that global energy markets won't return to pre-war conditions in 2027 and that prolonged supply disruptions, especially of refined products such as diesel and jet fuel, will keep pressure on economies and threaten fuel availability heading into the Northern Hemisphere winter.
Great to be back in Singapore for #SIEW2026. Southeast Asia has been on the front line of today's energy crisis, but it can also be at the forefront of the solution. By building on a strong foundation of trust and cooperation, the region can write a new chapter in energy security.
— Fatih Birol (@fbirol) October 26, 2026
"I am afraid I don't see any credible pathway that the markets will go next year, where we were before this war has started," Birol told the conference, who Reuters quoted.
"So therefore, we all need to get prepared, taking the energy security as a number one priority in our government, business world, but without forgetting what is the next chapter for the countries and for companies that are all here today," he said.
Brent crude reached $117 a barrel Friday but, by Monday morning, was retracing last week's 6% rally as renewed diplomatic efforts provided some hope of de-escalation in the Gulf area. Brent is trading around $114 a barr
