The world has never witnessed such a major energy crisis in terms of its depth and its complexity, said Fatih Birol, Executive Director of the International Energy Agency (IEA) on Tuesday.
Birol said Tuesday at a global energy forum in Sydney that the world is in the middle of the first global energy crisis.
"It is interwoven by many factors, including the geopolitics. Oil, natural gas, coal, electricity prices, they're all going up of the roof. Why? Very simple. Russia, the country that invaded Ukraine, as of 24th of February," he said.
According to Birol, following Russia's invasion of Ukraine in February - at the time the largest exporter of oil and natural gas and a significant player in the commodities market - the whole energy system is in disarray.
"And as a result, we are seeing that the entire energy system is going through a crisis," he added.
Birol noted that this winter in Europe will be "very, very difficult.", adding that this is a major concern, and this may have serious implications for the global economy.
By Murat Temizer
Anadolu Agency
energy@aa.com.tr
