Global Energy Crisis Could Get Worse, IEA Chief Warns - Tasnim News Agency

A global squeeze on energy supply that's triggered crippling shortages and sent power and fuel prices surging could get worse, according to the head of the International Energy Agency.

"The world has never witnessed such a major energy crisis in terms of its depth and its complexity," IEA Executive Director Fatih Birol said Tuesday at a global energy forum in Sydney. "We might not have seen the worst of it yet - this is affecting the entire world," Bloomberg reported.

The whole energy system is in turmoil following the February start of Russia-Ukraine war, with Russia at the time being the biggest oil and natural gas exporter and a major player in commodities, Birol said. Soaring prices are lifting the cost of filling petrol tanks, heating homes and powering industry across the globe, adding to inflationary pressures and leading to deadly protests from Africa to Sri Lanka.

Like the oil crises of the 1970s, which prompted huge gains in fuel efficiency and a boom in nuclear power, the world might see faster adoption of government policies that speed the transition to cleaner energy, Birol said.

In the meantime, security of oil and gas supplies will continue to pose a challenge for Europe, and also for other regions, he said.

"This winter in Europe will be very, very difficult," Birol said. "This is a major concern, and this may have serious implications for the global economy."

-