IEA chief warns global energy crisis will reshape markets and deepen risks
The IEA chief warns that the global energy crisis will have long-lasting effects on markets and deepen risks due to geopolitical tensions. The crisis could slow global growth, deepen inflation, and accelerate the global energy transition.
The global energy system is facing unprecedented fragility due to geopolitical tensions, according to the International Energy Agency (IEA) chief Fatih Birol. Speaking in Paris, Birol highlighted the Strait of Hormuz as a key risk factor for global energy markets, warning that disruptions could have widespread consequences. The IEA chief noted that the war in Ukraine has disrupted oil and gas flows, reshaping global supply chains, particularly in Europe. Russia remains a key player in global energy markets despite sanctions. The crisis could deepen inflation, slow global growth, and have serious consequences for emerging economies. The situation may accelerate the global energy transition, with renewables and nuclear power emerging as beneficiaries.
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