INTERNATIONAL ENERGY AGENCY (IEA) AND AFRICAN ENERGY CHAMBERS (AEC): ENERGY INDUSTRY OUTLOOK 2023
electrify.substack.com
The International Energy Agency (IEA) World Energy Outlook report acknowledges a shock of historic scope and complexity as the world is currently experiencing its first major energy crisis. Although market pressures were present prior to Russia's invasion of Ukraine, but because of Russia's actions and a speedy recovery from the pandemic, which put stress on many global supply chains, including the energy industry, this has turned into a full-blown energy crisis. Russia has been by far the biggest supplier of fossil fuels, but its restrictions on natural gas to Europe and European sanctions on Russian oil and coal imports are cutting off one of the major energy trading routes. All fuels sources are impacted, but the gas market is the most severely hit as Russia tries to gain leverage by making consumers pay more for their energy based on supply challenges.
INTERNATIONAL ENERGY AGENCY (IEA) AND AFRICAN ENERGY CHAMBERS (AEC): ENERGY INDUSTRY OUTLOOK 2023
INTERNATIONAL ENERGY AGENCY (IEA) AND AFRICAN…
INTERNATIONAL ENERGY AGENCY (IEA) AND AFRICAN ENERGY CHAMBERS (AEC): ENERGY INDUSTRY OUTLOOK 2023
The International Energy Agency (IEA) World Energy Outlook report acknowledges a shock of historic scope and complexity as the world is currently experiencing its first major energy crisis. Although market pressures were present prior to Russia's invasion of Ukraine, but because of Russia's actions and a speedy recovery from the pandemic, which put stress on many global supply chains, including the energy industry, this has turned into a full-blown energy crisis. Russia has been by far the biggest supplier of fossil fuels, but its restrictions on natural gas to Europe and European sanctions on Russian oil and coal imports are cutting off one of the major energy trading routes. All fuels sources are impacted, but the gas market is the most severely hit as Russia tries to gain leverage by making consumers pay more for their energy based on supply challenges.