International Energy Agency (IEA) Executive Director Fatih Birol said on Thursday that the global oil markets have been losing 13 million barrels per day (bpd) due to the energy crisis triggered by the Middle East conflict. He added that the loss of other vital commodities, including fertilisers and petrochemicals, “which will have a significant impact on the supply chains around the world” in the weeks and months to come. Speaking at CNBC’s CONVERGE LIVE forum, Birol repeated that this is the “biggest energy security threat in history,” stressing that the longer the conflict lasts, the longer markets will need to recover. He predicted that Europe will need to implement measures limiting air travel if the jet fuel supply is not normalized, especially when the summer travel season begins.