• 3 minutes Australian power prices go insane
  • 7 minutes Wind droughts
  • 11 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 2 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 3 days GREEN NEW DEAL = BLIZZARD OF LIES
  • 22 hours Hopes Are Dashed For International Oil Companies In North Iraq
  • 15 hours The United Nations' AGENDA 2030 - The vision for One World Governance ...an article by the famous Dr Robert Malone
  • 1 day 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 3 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 5 days Changing Gazprom ADRs to Russian shares
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 hours The Federal Reserve and Money...Aspects which are not widely known
Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

IEA Chief Warns The Energy Crisis Could Get Worse

  • The IEA’s Executive Director Fatih Birol is warning that the global energy crunch could worsen.
  • The top man of the IEA noted the whole global energy system was in turmoil following Russia’s invasion of Ukraine.
  • “The world has never witnessed such a major energy crisis in terms of its depth and its complexity,” Fatih Birol said.

The global energy crunch might worsen further, the head of the International Energy Agency has warned, noting that winter in Europe will be “difficult”.

“The world has never witnessed such a major energy crisis in terms of its depth and its complexity,” Fatih Birol said on Tuesday at an industry event in Australia, as quoted by Bloomberg. “We might not have seen the worst of it yet -- this is affecting the entire world.”

The top man of the IEA noted the whole global energy system was in turmoil following Russia’s invasion of Ukraine, with prices of energy commodities skyrocketing across the board because of Russia’s size as an oil and gas exporter.

The situation is particularly bad in Europe, where, Birol said, “This winter [...] will be very, very difficult. This is a major concern, and this may have serious implications for the global economy.” 

Indeed, Europe is already worrying about the winter after Russia reduced the flow of gas via the Nord Stream 1 pipeline in June, blaming a delay in receiving a turbine from Canada, which had just imposed fresh sanctions on Moscow.

Earlier this week, Canada agreed to return the turbine after Germany asked it to make an exception, but Gazprom stopped the gas flow via Nord Stream 1 completely for regularly scheduled maintenance, sparking fears that it might not restart the flow after maintenance is completed.

Europe has been snapping up LNG cargos from all over the world to fill its gas storage ahead of the next heating season—and to fuel its economies as it seeks to reduce imports of Russian gas—but it has still a way to go before it reaches the goal of 80 percent by end-October.

Birol compared the current situation to the oil crisis of the 1970s, noting how that crisis spurred major progress in fuel efficiency and saying this one could lend additional momentum to the transition to low-carbon energy.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News