World is in its 'first truly global energy crisis': IEA chief Fatih Birol

The head of the International Energy Agency said its members have oil reserves available to conduct another round of releases if needed

Tightening markets for liquefied natural gas (LNG) worldwide and major oil producers cutting supply have put the world in the middle of “the first truly global energy crisis”, the head of the International Energy Agency (IEA) said on Tuesday. Rising imports of LNG to Europe amid the Ukraine crisis and a potential rebound in Chinese appetite for the fuel will tighten the market as only 20 billion cubic meters of new LNG capacity will come to market next year, IEA Executive Director Fatih Birol said during the Singapore International Energy Week. 

At the same time the recent decision by the Organisation