A “Global Energy Crisis” As New Energy Emerges

World is in its ‘first truly global energy crisis,’ says IEA chief

October 26, 2022 (Reuters via CNN)

“Tightening markets for liquefied natural gas (LNG) worldwide and major oil producers cutting supply have put the world in the middle of ‘the first truly global energy crisis,’ [according to Executive Director Fatih Birol]…Rising imports of LNG to Europe amid the Ukraine crisis and a potential rebound in Chinese appetite for the fuel will tighten the market as only 20 billion cubic meters of new LNG capacity will come to market next year…[And the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+ oil production cut] is a ‘risky’ decision as the IEA sees global oil demand growth of close to 2 million bpd this year…

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Soaring global prices across a number of energy sources, including oil, natural gas and coal, are hammering consumers at the same time they are already dealing with rising food and services inflation. The high prices and possibility of rationing are potentially hazardous to European consumers as they prepare to enter the Northern Hemisphere winter…Europe may make it through this winter, though somewhat battered, if the weather remains mild…

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…G7 nations have proposed a mechanism that would allow emerging nations to buy Russian oil but at lower prices to cap Moscow’s revenues in the wake of the Ukraine war…The energy crisis could be a turning point for accelerating clean sources and for forming a sustainable and secured energy system…Many countries in Europe and elsewhere are accelerating the installation of renewable capacity by cutting the permitting and licensing processes to replace Russian gas…” click here for more

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