IEA director sees the world in a first real energy crisis

The executive director of the International Energy Agency (IEA) said that the tight market for liquefied natural gas (LNG) and production cuts by major oil producers have plunged the world into a real energy crisis for the first time.

European LNG imports are increasing in light of the war crisis in Ukraine. And demand for fuel in China is likely to increase. This will result in a tight market, with only 20 billion cubic meters of new LNG coming onto the market next year.

Meanwhile, the Organization of Petroleum Exporting Countries (OPEC) and its allies (OPEC+) have decided to cut oil production by 2 million barrels per day. This is a risky decision, as the IEA forecasts that global oil demand will increase by around 2 million barrels per day this year.

The current energy crisis will bring the history of world energy to a turning point because it will require the search for clean energy sources. And the creation of a stable and sustainable energy system is happening rapidly.

Leave a Reply

Change Language
%d bloggers like this: