Worst Global Energy Crisis Ahead

Worst Global Energy Crisis Ahead

The world is going to face the worst global energy crisis ahead, Fatih Birol, the executive director of the International Energy Agency (IEA) said.

According to Birol, the world has never seen such energy crisis throughout history in terms of depth and complexity.  

While speaking in Sydney at the global energy forum, Fatih Birol described the current phase of the crisis as the middle one of the first energy crisis.

He further added that energy crisis is linked to various factors including geopolitics as well. All of the energy prices are going up such as oil, electricity, coal, and natural gas well. But Why? He replied to his question that Russia that invaded Ukraine. Is considered the largest exporter of natural gas and oil.

Since the war started between Russia and Ukraine, the whole energy system is out of control and disrupt.

As a result of this war, we can witness that the international energy system is facing a serious crisis right now.

Birol also indicated the worst global energy crisis ahead as Europe will have to suffer a lot in the coming winter season. The crisis in Europe will lead to serious drawbacks for global economies.

Fatih Birol also talked about to put additional sanctions on Russian oil imports.