The world has never witnessed such a major energy crisis in terms of its depth and its complexity, Fatih Birol, the executive director of the International Energy Agency (IEA), said on Tuesday.
The world is in the middle of the first global energy crisis, Birol told a global energy forum in Sydney.
“It is interwoven by many factors, including geopolitics. Oil, natural gas, coal, and electricity prices, they’re all going up to the roof. Why? Very simple. Russia, the country that invaded Ukraine, is the largest exporter of oil and natural gas,” he explained.
In his opinion, the whole energy system has been in disarray, since the beginning of the Russia-Ukraine conflict.
“And as a result, we are seeing that the entire energy system is going through a crisis,” he observed.
This winter in Europe will be “very, very difficult,” Birol warned, adding that this may have serious implications for the global economy.
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