IEA Chief: ‘The World Is in Middle of the First Truly Global Energy Crisis’

SHARE
TWEET
IEA Chief: 'The World Is in Middle of the First Truly Global Energy Crisis'

The executive director of the International Energy Agency, Fatih Birol, warned that Russian gas is crucial now that “the world is in the middle of the first truly global energy crisis.”

According to IEA projections, global oil consumption will grow by 1.7 million barrels a day in 2023.

Birol added that Russian crude would be required to bridge the gap between demand and supply.

A U.S. Treasury official told Reuters that it is not unreasonable to believe that up to 80% to 90% of Russian oil will continue to flow outside the price cap mechanism if Moscow seeks to shun it.

“I think this is good because the world still needs Russian oil to flow into the market for now,” Birol said.

“An 80%-90% is good and encouraging level in order to meet the demand,” Birol added.

The IEA Chief also warned that natural gas and LNG markets would tighten even more in 2023, with just 20 million tons of new liquefaction capacity in that year.

RELATED: Mobile Network Blackouts Expected across Europe as Energy Crisis Worsens

Birol also said supply remains tight as demand for gas will continue, especially in Europe and China.

Birol’s remarks come amid reports of brutal winters for Europe in 2022 and 2023 as the global energy crisis worsens.

Next winter could be much worse for Europe because the E.U. could stock up on Russian pipeline gas, leaving the E.U. with a supply gap that other suppliers may be unable to fill.

Meanwhile, around 60 LNG tankers have turned into floating storage off European coasts due to low regasification capacity on the continent to unload the cargo.

Andrew Lipow from Lipow Oil Associates told CNBC this is delaying some of the tankers’ return to the Gulf Coast to reload, pushing gas inventories higher.

“The wave of LNG tankers has overwhelmed the ability of the European regasification facilities to unload the cargoes in a timely manner,” Lipow said.

The LNG import capacity shortage is worsening Europe’s gas supply crisis, but Germany’s only viable solution is floating regasification units.

In 2018, President Donald Trump warned attendees at the U.N. General Assembly that Germany would become “totally dependent on Russian energy” if it didn’t “immediately change course.”

NOTICE: Our comment section is currently disabled due to malicious attacks preventing our readers being able to comment properly. We are in the process are implementing a new system which will be live soon! Sorry for any inconvenience!

SHARE
TWEET
Telegram
Email
Reddit
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Breaking

Trending

Major News Editor Tells Media to Bury Iconic Trump Photo: 'It's Dangerous'
Major News Editor Tells Media to Bury Iconic Trump Photo: 'It's Dangerous'
A photo editor at a major news outlet has called on the media to bury the historic photo of former President...
Dan Bongino Drops Bombshell with Stunning Revelation on Secret Service Failures Surrounding Tump Shooting Former Secret Service agent Dan Bongino made a stunning revelation about security failures which led to former president Donald Trump coming within inches of being assassinated. During an appearance on Donald Trump Jr.'s podcast "Triggered," Bongino revealed that the rooftop from which the failed Trump assassin Thomas Matthew Crooks fired shots, was supposed to be covered by law enforcement personnel. Bongino revealed he was told this by an "unimpeachable source" who was knowledgeable about the situation. "That post, according to my source, that roof was supposed to be a police post. It was supposed to be someone there," he said. "They're now making up excuses, saying the pitch of the roof… my source says to me, no one knows why the post didn't show up," Bongino revealed. He added that Secret Service Director Kim Cheatle has been instructed by Department of Homeland Security Secretary Alejandro Mayorkas to "keep her mouth shut if she wants to remain in her post. Cheatle has refused to resign from her post following the aftermath of the assassination attempt. The Secret Service identified a high-profile security vulnerability in the building but failed to protect the rooftop. Moreover, security forces did not take notice of Crooks roughly 30 minutes before the shooting. One law enforcement asset even managed to snap a photo of the suspect, though he was not confronted. Cheatle attempted to explain why the rooftop wasn't covered. "That building in particular has a sloped roof at its highest point. And so, you know, there's a safety factor that would be considered there that we wouldn't want to put somebody up on a sloped roof," the Secret Service director said in a statement to ABC News. "And so, you know, the decision was made to secure the building, from inside." "They're not putting that out there. But if you get those site post logs and those police instructions and it was a post on there and they didn't show up and no one checked, someone could have got your dad killed," Bongino said. "Within millimeters." Bongino said he would be revealing more details on his podcast. ""You're telling me the best technology you have was deployed and you missed a shooter 130 yards? Say it was 200 yards," Bongino told Fox News. The Secret Service CS team, Pete, the counter-sniper team? And I'm not sure those two guys are Secret Service. We have to remember that we don't always, when we go to New York sometimes with high-level protectees we'll use NYPD ESU counter-sniper. So I'm not really sure." "Either way, they'd still be briefed in. The question we have to ask is, if that's the best technology we have, and we had a CS team up there with a shooter that, you know, we're trained out to a thousand yards in the Secret Service with the counter-sniper team. How did they miss someone at most, you know, one-fifth of the way there? It doesn't make any sense."
Dan Bongino Drops Bombshell with Stunning Revelation on Secret Service Failures Surrounding Trump Shooting
Former Secret Service agent Dan Bongino made a stunning revelation about security failures which led...
MTG Demolishes Smug British Reporter from The Times: 'You're DONE!'
MTG Demolishes Smug British Reporter from The Times: 'You're DONE!'
Conservative firebrand Rep. Marjorie Taylor Greene (R-GA) unleashed on a British reporter from The Times...
Live CNN Report Interrupted by Man Wearing 'Where's Jeffrey Epstein Client List' Shirt
Live CNN Report Interrupted by Man Wearing 'Where's Jeffrey Epstein Client List' Shirt
A CNN reporter inside the Republican National Convention in Milwaukee, Wisconsin, was interrupted by...
Elon Musk Blisters Kamala Harris on X after Biden Drops Out: 'Imagine 4 Years of This'
Elon Musk Blisters Kamala Harris on X after Biden Drops Out: 'Imagine 4 Years of This'
Tech billionaire Elon Musk responded to Joe Biden’s endorsement of Kamala Harris shortly after...
MSNBC's Joy Reid Goes FULL Tin Foil Hat, Suggests Trump's Assassination Attempt Was 'Staged'
MSNBC's Joy Reid Goes FULL Tin Foil Hat, Suggests Trump's Assassination Attempt Was 'Staged'
Whackjob Joy Reid floated an unhinged conspiracy theory surrounding the assassination attempt on former...
Joe Biden: Obama Asked Me to Be Vice President in 2020
Joe Biden: Obama Asked Me to Be His Running Mate in 2020
President Joe Biden became confused during another interview this week, claiming that former President...
TDS Sufferer Mark Hamill Instantly Destroyed on X after Criticizing Size of Trump's Ear Bandage
TDS Sufferer Mark Hamill Instantly Destroyed on X after Criticizing Size of Trump's Ear Bandage
Star Wars actor Mark Hamill was immediately roasted on X after criticizing former President Donald Trump‘s...
Whoopi Goldberg Viciously Mocks Trump's 17-Year-Old Granddaughter's RNC Speech
Whoopi Goldberg Viciously Mocks Trump's 17-Year-Old Granddaughter's RNC Speech
The ‘View’ co-host Whoopi Goldberg delivered a sickening attack on Donald Trump‘s granddaughter,...
Investment Firm That Shorted Trump Media Stock Day before Assassination Attempt Claims It Was a 'Clerical Error'
Investment Firm That Shorted Trump Media Stock Day before Assassination Attempt Claims It Was a 'Clerical Error'
The investment firm that reportedly placed a massive option on the Trump Media & Technology Group...
0
What are your thoughts? Click to commentx
()
x

JOIN THE FIGHT!

SIGN UP FOR OUR FREE BREAKING NEWSLETTER STRAIGHT TO YOUR INBOX! 

We don’t spam! Read our Privacy Policy for more info.