Confronting the ‘largest energy security threat’
Summary
The International Energy Agency (IEA) says the world is facing its biggest energy crisis ever, caused mainly by the ongoing US-Israel conflict with Iran and the Russia-Ukraine war. These conflicts have disrupted oil and gas supplies, causing fuel prices to rise and creating fears of energy shortages globally.Key Facts
- The energy crisis has lasted more than seven months with little improvement.
- The US-Israel war on Iran has disrupted shipping in the Strait of Hormuz, a key route for 20% of the world’s oil and liquefied natural gas.
- Fuel prices have gone up and supply chains are affected worldwide.
- Global oil reserves are dropping quickly, despite G7 countries using emergency stockpiles.
- The Russia-Ukraine war adds pressure by damaging energy facilities in both countries.
- The IEA warns that unresolved Middle East tensions could hurt the global economy.
- The coming winter in the Northern Hemisphere may make the situation worse.
- The energy industry will take time to recover and may change permanently due to this crisis.
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