The International Energy Agency: The world is facing a “real energy crisis” for the first time

Oleksiy Yarmolenko

The head of the International Energy Agency, Fatih Birol, believes that the world has faced the first "real energy crisis". It happens due to the problems in the gas markets and a reduction in oil supplies.

Reuters writes about it.

He noted that the latest decision by OPEC+ to cut oil production is "risky" because the world will see an increase in demand.

“It is particularly risky because several economies around the world are on the verge of recession, if we are talking about a global recession. I consider this decision really unfortunate," Birol noted.

In addition, the significant increase in global energy prices hits consumers the hardest, as prices for everything from food to services are also rising. Birol believes that Europe will be able to survive the winter if the weather remains mild.

"If we donʼt have an extremely cold and long winter, if there are no surprises in terms of what weʼve seen, such as the explosion of the Nord Stream gas pipeline, Europe should go through this winter with some economic and social difficulties," he added.