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The current energy crisis began in the fall of 2021, but has worsened after Moscow’s military action in Ukraine as markets fear a disruption of energy supplies from Russia.
The world is currently facing the biggest energy crisis since the 1970s when it was only about oil, Executive Director of the International Energy Agency (IEA), Fatih Birol, said.
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Now the crisis also covers gas and electricity, and Europe in particular will face a possible summer of gasoline and fuel shortages, Birol told German daily Der Spiegel.
The energy demand will rise when the main holiday season in Europe and the United States begins, Birol explained, along with the fall in supplies worldwide, whose levels are lower than before the pandemic, resulting in low product availability.
���� The sweeping sanctions and embargoes imposed on Moscow, coupled with the now four-month long war in Ukraine, have triggered a growing food and energy crisis across the world. #FoodCrisis #EnergyCrisis #RussiaUkraineConflicthttps://t.co/GepabEPnUR
— Peoples Dispatch (@peoplesdispatch) May 31, 2022
The current energy crisis began in the fall of 2021, but has worsened after Moscow’s military action in Ukraine as markets fear a disruption of energy supplies from Russia.
Despite the dramatic effects for Europe, on Tuesday the European Union agreed to ban most of oil imports from Russia, and only the supply of oil by pipeline is exempted from sanctions for now.
A decision that will further tighten the already tight oil and product markets.
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