IEA warns of major energy crisis

The world has never witnessed such a major energy crisis in terms of its depth and its complexity, Fatih Birol, the executive director of the International Energy Agency (IEA), said in a report by Anadolu.

Birol, speaking at a global energy forum in Sydney, said the world is in the middle of the first global energy crisis.

"It is interwoven by many factors, including geopolitics. Oil, natural gas, coal, electricity prices, they're all going up off the roof. Why? Very simple. Russia, the country that invaded Ukraine, is the largest exporter of oil and natural gas." he said.

Birol said since Russia started the war on Ukraine in February, the whole energy system has been in disarray.

"And as a result, we are seeing that the entire energy system is going through a crisis," he added.

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