Currently, nations are experiencing the first really global energy crisis.
Dr. Fatih Birol, the director of the International Energy Agency (IEA), made this recommendation while discussing the difficulties that governments are now confronting during a speech at the 15th Singapore Energy Week.
The tight liquefied natural gas markets and the decision by oil and gas producers to reduce supply, according to the executive director of the Paris-based intergovernmental organization, are the primary causes of the crisis escalation.
In response to the OPEC+ decision to reduce output by two million barrels per day, Dr. Birol stated: “If we’re talking about the global recession, (it’s) very risky as various economies around the world are on the verge of a recession. This choice, in my opinion, was really regrettable.
The head of the IEA stated that the present energy crisis might spur nations to invest more in renewable energy sources.
Energy security is the main force behind the energy shift, he claimed.
