Energy crisis threatens global economic recovery, says IEA

Oil and natural gas prices have soared to multi-year highs recently, sending power prices surging to record levels as widespread energy shortages engulf Asia and Europe

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An upsurge in demand in the past quarter led to the biggest draw on oil products stocks in eight years, the IEA said, while storage levels in OECD countries were at their lowest since early 2015

Noah Browning | Reuters London

3 min read Last Updated : Oct 15 2021 | 11:06 AM IST

A global energy crunch is expected to boost oil demand by half a million barrels per day (bpd) and could stoke inflation and slow the world's recovery from the Covid-19 pandemic, the International Energy Agency (IEA) said on Thursday.

Oil and natural gas prices have soared to multi-year highs recently, sending power prices surging to record levels as widespread energy shortages engulf Asia and Europe.

“Record coal and gas prices as well as rolling blackouts are prompting the power sector and energy-intensive industries to turn to oil to keep the lights on and operations humming,” the IEA said in its

Topics : energy consumption IEA Global economic recovery Crude Oil Brent crude oil and gas OECD OPEC

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