The world has never seen an energy crisis like this, and it may get worse, IEA chief says
Darker days are ahead for the global economy, according to IEA chief Fatih Birol. Surging energy prices as supply from Russia gets squeezed is hurting several major economies. The unprecedented global energy crisis threatening the world economy is likely to get worse in the coming months, according to the head of the International Energy Agency.
Speaking Tuesday at a global energy forum in Sydney, Fatih Birol said:"The world has never witnessed such a major energy crisis in terms of its depth and its complexity."Soaring energy prices have rattled economies around the globe after Russia's invasion of Ukraine triggered a string of Western sanctions on the country's oil and gas supplies, ultimately leading to severe supply constraints.
In the US, the rising cost of energy has contributed towards high levels of inflation stinging all corners of the economy and specifically hurting Americans at the pump. Russia meanwhile, has been raking in bumper profits from its oil and gas sales to Asia, as countries like
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