The International Energy Agency (IEA) has warned that the ongoing war in the Middle East is reshaping global energy strategies, with countries scrambling to secure supplies and reduce vulnerability to disruptions.
In its latest World Energy Investment report, the agency described how governments are increasingly diversifying supply routes while also turning to domestic energy sources to strengthen resilience.
IEA Executive Director Fatih Birol described the situation as the largest energy security crisis the world has ever faced, drawing comparisons to the oil shocks of the 1970s. He noted that both energy producers and consumers are accelerating investments in infrastructure, including new pipelines and supply networks, while also expanding reliance on locally available resources.
According to the report, global energy investment is expected to reach $3.4 trillion (€3.13 trillion) in 2026. Of this, around $2.2 trillion (€2.02 trillion) will go toward power grids, renewable energy, nuclear power, low-emission fuels, and electrification. Investment in traditional fossil fuels—including oil, natural gas, and coal—is projected at approximately $1.2 trillion (€1.10 trillion).
Despite rising crude prices, oil investment is forecast to decline for the third consecutive year, dropping below $500 billion (€460 billion) due to market uncertainty and supply constraints. In contrast, spending on natural gas is set to rise to $330 billion (€304 billion), driven by a wave of new liquefied natural gas projects, particularly in the United States and Qatar.
The IEA also highlighted a strong increase in renewable energy investment, expected to reach $665 billion (€612 billion), including $365 billion (€336 billion) for solar power alone.
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