Subscribe to Newsletter to get latest insights & analysis in your inbox. Download the ETEnergyworld App and get the Realtime updates and Save your favourite articles. International Energy Agency (IEA) chief Fatih Birol sought Friday to tamp down fears of a global oil crisis as conflict rages in West Asia, saying there was "plenty of oil in the market. "There is plenty of oil, we have no oil shortage," he said, after a meeting with European Union chief Ursula von der Leyen and EU commissioners. "To look (to) Russia as an alternative option for getting gas will be economically and, in my view, politically wrong," he told reporters, describing past over-reliance on Moscow as "one of Europe's historical mistakes".>

Source: Economic Times March 07, 2026 10:38 UTC