World in first truly global energy crisis: IEA chief
The world is in the midst of its first real energy crisis due to low liquidity and high transaction costs in liquefied natural gas (LNG) markets around the world, and important manufacturers reducing oil production. Fatih Biral, executive director of the International Energy Agency (IEA), made the remarks on Tuesday( October 25). He made the remarks in a speech at the International Energy Week in Singapore. News from Reuters.
In a speech at International Energy Week, the IEA chief said the growing imports of LNG into Europe amid the acute Ukraine crisis and the increase in demand for re-fuel in China will make the market more difficult. Only 20 billion cubic meters of new LNG will come to the world market next year.
Fatih Biral said it is particularly risky as several countries around the world are on the brink of recession. "If we talk about the global recession, I would say opecplus' decision to cut oil production is really unfortunate. Because the demand for oil in the world has increased to close to 2 million BPD this year.
Fatih Biral said it is particularly risky as several countries around the world are on the brink of recession. "If we talk about the global recession, I would say opecplus' decision to cut oil production is really unfortunate. Because the demand for oil in the world has increased to close to 2 million BPD this year.
"If the weather is mild, Europe may somehow be able to overcome this winter. But if it's a severe and long winter, and if something like an explosion in the Nord Stream pipeline happens, Europe will have to go through economic and social wounds this winter.
The IEA chief noted that fuel oil consumption is expected to increase by 1.7 million bpd in 2023. For this reason, Russia needs oil to meet the world's demand.
The IEA chief noted that fuel oil consumption is expected to increase by 1.7 million bpd in 2023. For this reason, Russia needs oil to meet the world's demand.
The G-7 countries have proposed a system. In this way, developing countries will be able to buy Russian oil. But the price limit will reduce Russia's revenue in the process.
The IEA chief said there is still a lot to be done to implement the plan. For this reason, the major oil importing countries will also need to buy oil.
The IEA chief said there is still a lot to be done to implement the plan. For this reason, the major oil importing countries will also need to buy oil.
