International Energy Agency predicts: After the Iran crisis, Australia's energy and uranium demand will surge

Reuters reported that on Tuesday, Fatih Birol, Executive Director of the International Energy Agency (IEA), said at the Canberra Minerals Week conference that due to the U.S.-Israel conflict with Iran leading to a global daily loss of 10 million barrels of oil, the world is facing the most severe energy crisis in history, and that Australia, as a key supplier of critical minerals, will help mitigate subsequent supply risks.

According to data from the Australia Minerals Council (MCA), Australia has the world’s largest uranium reserves, accounting for about one-third of global supply, and is the world’s fourth-largest uranium producer (after Kazakhstan, Canada, and Namibia). Although it has been shut down from nuclear power for more than 25 years, its supply position is critical.

Birol said that global strategic realignment will drive the return of nuclear power and accelerate it, and that small modular reactors (produced by the U.S., the U.K., France, South Korea, etc.) will benefit. Meanwhile, damage to facilities in the Middle East will raise demand for Australian LNG, and copper demand driven by electric-vehicle production and grid construction will also increase.