International Energy Agency: The global energy crisis is unprecedented

Paris-Sana

The Executive Director of the International Energy Agency, Fatih Birol, warned that the global energy crisis may worsen with the exacerbation of global demand, which led to a shortage of supply and contributed to the rise in fuel and electricity prices.

Sky News quoted Birol as saying at a global energy forum today that "the world has not witnessed such a major crisis in energy in terms of its depth and complexity," adding, "We may not have seen the worst yet.. This affects the entire world."

He added, "The global energy system faced a state of turmoil after the Ukrainian crisis that erupted last February, especially since Moscow was the largest exporter of oil and natural gas and a major player in the market."

Birol pointed out that "the current energy crisis may encourage the world to adopt faster government policies to transition to cleaner energy, similar to the oil crisis in the 1970s, which led to huge gains in terms of fuel efficiency and the recovery of nuclear energy."

The Director of the International Energy Agency expected that "the security of oil and gas supplies will continue to pose a challenge to Europe and other regions around the world," noting that "this winter in Europe will be very difficult, and this is a source of great concern, and this may have serious repercussions on the global economy."

The higher prices have increased the cost of filling natural gas tanks and have increased the burden on families to heat homes as well as production costs in factories around the world, which has increased inflationary pressures.

Although Brent crude prices fell today by more than 4.5 percent amid fears of a global economic recession with tightening monetary policies around the world and China's restrictions to contain Corona, the record price of crude is still up by more than 36 percent since the beginning of this year.

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