• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 days Does Toyota Know Something That We Don’t?
  • 4 days World could get rid of Putin and Russia but nobody is bold enough
  • 13 hours America should go after China but it should be done in a wise way.
  • 6 days China is using Chinese Names of Cities on their Border with Russia.
  • 8 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 8 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 8 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 6 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 7 days Putin and Xi Bet on the Global South
  • 8 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 8 days United States LNG Exports Reach Third Place
  • 8 days Biden's $2 trillion Plan for Insfrastructure and Jobs
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

ADVERTISEMENT

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