Are We Witnessing the First Global Energy Crisis?

EXPERT PERSPECTIVE — European Energy pressures exacerbated by Russia’s invasion of Ukraine, have forced a reset in energy production and supply. “I don’t believe there was ever a time – to include in the 1970s – when so many consumer nations worked so furiously to identify new producers,” said Cipher Brief Expert and Energy Expert Norm Roule in A New Age of Energy Crisis and Diplomacy. “And they should.  Global oil and gas demand is likely to grow in 2023, and there are real worries about another price spike.”

Fatih Birol, the executive director of the International Energy Agency (IEA), said recently, that he believes circumstances have brought the world to ‘the first truly global energy crisis.’  Birol said rising LNG imports to Europe and a potential surge in Chinese energy demands will tighten world markets in 2023 with limited amounts of new LNG capacity coming onto the market.