On Energy supply global squeeze triggered the shortage and the price of power and fuel price surging, which may get worse, according to the International Energy Agency.

“The world has never witnessed such a major energy crisis in terms of its depth and complexity,” IEA Executive Director Fatih Birol said Tuesday at a global energy forum in Sydney. “We might not have seen the worst of it yet; this is affecting the entire world.”

The whole energy system is in turmoil following the February invasion of Ukraine by Russia, at the time the most significant oil and natural gas exporter and a major player in commodities, Birol said.

Like the oil crises of the 1970s, which saw huge gains in fuel efficiency and a boom in nuclear power, the world may see a jump in energy policies that speed the transition to cleaner energy, Birol said.

• Vedanta Outlook for the Week (April 29, 2024 – May 03, 2024)
• Tata Steel Outlook for the Week (April 29, 2024 – May 03, 2024)
• PFC Outlook for the Week (April 29, 2024 – May 03, 2024)
• Piramal Enterprises Outlook for the Week (April 29, 2024 – May 03, 2024)
• MANAPPURAM Outlook for the Week (April 29, 2024 – May 03, 2024)

In the meantime, the security of oil and gas supplies will continue to pose a challenge for Europe and also for other regions, he said.

“This winter in Europe will be very, very difficult,” Birol said. “This is a major concern, and this may have serious implications for the global economy.”

“Our move to clean energy globally could be the greatest peace plan of all,” she said. “We want and need to move to clean.”