Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Palestinian Ministry of Health: Two were martyred in Israeli shelling that targeted a besieged house in the town of Qabatiya in Jenin
At least 68 dead in migrant shipwreck off Yemen: IOM
Trump: We want to feed the people in Gaza, we do not want them to starve.
US President Donald Trump: We will impose sanctions on Russia if it does not end the war on Ukraine.
Israeli media: Polls show that 52% oppose Prime Minister Benjamin Netanyahu while only 29% support him.
Israeli media: 32% of Americans still support "Israel's" war on Hamas, while 60% oppose it.
Israeli media: Core US support for "Israel" hits its lowest, while support for Palestine reaches its highest levels.
Al Mayadeen's correspondent reports martyrs, injuries in Israeli bombardment of home in Heker al-Jame area in Deir al-Balah, central Gaza.
Al-Quds Governorate: Today, the spatial division of Al-Aqsa Mosque began in a public and dangerous manner, and we warn of a religious war in the region
The Ministry of Health in Gaza: This brings the total number of victims of famine and malnutrition to 175, including 93 children

World experiencing its first real global energy crisis: IEA chief

  • By Al Mayadeen English
  • Source: Agencies
  • 25 Oct 2022 08:27
3 Min Read

IEA Executive Director Fatih Birol believes that tightening markets for liquefied natural gas and decreasing supply have triggered "the first truly global energy crisis."

  • x
  • World is in its 'first truly global energy crisis': IEA's Birol
    The 15th Singapore International Energy Week, in Singapore, October 25, 2022 (Reuters)

Tightening markets for liquefied natural gas (LNG) around the world, combined with big oil producers lowering supplies, have thrown the world into "the first truly global energy crisis," according to the executive director of the International Energy Agency (IEA) on Tuesday.

Rising LNG imports to Europe as a result of the war in Ukraine, as well as a potential rebound in Chinese demand for the fuel, will tighten the market, as only 20 billion cubic meters of new LNG capacity will enter the market next year, according to IEA Executive Director Fatih Birol at the Singapore International Energy Week.

At the same time, the recent decision by the Organization of Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, to cut 2 million barrels per day (BPD) of output is a "risky" decision, according to Birol, because the IEA forecasts global oil demand growth of close to 2 million BPD this year.

"(It is) especially risky as several economies around the world are on the brink of a recession, if that we are talking about the global recession...I found this decision really unfortunate," he said.

However, Birol believes that the current energy crisis might be a watershed moment in energy history, advancing clean energy sources and establishing a sustainable and secure energy system.

Related News

Cholera devastates Darfur region amid conflict, US aid cuts

US uses tariffs to strongarm India on Russia ties

“Energy security is the number one driver (of the energy transition),” said Birol, as countries see energy technologies and renewables as a solution

Moreover, the US was concerned that OPEC's probable decision to reduce oil production will pose serious problems for the country and may even be interpreted as a hostile act, according to a US Treasury report.

The Biden administration assembled its top energy, economic, and foreign policy officials and entrusted them with lobbying Middle East allies such as Saudi Arabia, the United Arab Emirates, and Kuwait to vote against decreasing oil production.

To persuade its OPEC allies, the US proposed to purchase back up to 200 million barrels of oil from its OPEC partners.

In response, Saudi Arabia rejected statements criticizing it after an OPEC+ decision to cut its oil production target despite US objections.

In a statement, the Saudi Foreign Ministry cited one of its officials as saying "that the government of the Kingdom of Saudi Arabia has viewed the statements issued about the Kingdom following the OPEC+ decision announced on October 5- 2012, which have described the decision as the Kingdom taking sides in international conflicts and that it was politically motived against the United States of America."

The Saudi official expressed the Saudi government's "total rejection of these statements that are not based on facts, and which are based on portraying the OPEC+ decision out of its purely economic context."

  • United States
  • OPEC
  • Energy crisis
  • OPEC+
  • Saudi Arabia

Most Read

A rescued crew member from the ETERNITY C vessel in a video released by the Yemeni Armed Forces on July 28, 2025 (Yemeni Military Media)

Yemen Navy reveals fate of targeted Eternity C ship crew

  • Politics
  • 28 Jul 2025
An Israeli tank explodes following an ambush by al-Qassam Brigades in Gaza, Occupied Palestine, undated (Al-Qassam Military Media)

Al-Qassam strikes Israeli vehicles in Gaza, inflicts casualties

  • Politics
  • 30 Jul 2025
UAE lodges complaint against Israeli ambassador over 'misbehavior'

UAE lodges complaint against Israeli ambassador over 'misbehavior'

  • Politics
  • 1 Aug 2025
Protesters chant anti-Israeli slogans as they carry a banner that reads:" Freedom for Palestine, Alliance stop the war," during a demonstration in support of Palestinians in Gaza, outside the Israeli embassy, in Athens, Monday, June 9, 2025 (AP)

Athens mayor slams Israeli ambassador over Gaza war, graffiti claim

  • Politics
  • 3 Aug 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
A member of the al-Qassam Brigades, the armed wing of Hamas, takes part in a parade as he celebrates a ceasefire agreement between Hamas and the Israeli regime in Deir al-Balah, Gaza Strip, Sunday, January 19, 2025 (AP)
Politics

Al-Qassam: We’ll allow aid to Israeli captives if Gaza siege ends

Freed Lebanese freedom fighter Georges Abdallah during an interview on Al Mayadeen, which aired on Sunday, August 3, 2025 (Al Mayadeen screengrab)
Politics

Exclusive: Resistance key to building state, Georges Abdallah says

United Nations Secretary General Antonio Guterres gives a statement about the situation in Gaza at UN headquarters, Friday, June 27, 2025 (AP)
Politics

UN warns Gaza faces water crisis, looming famine under Israeli siege

Israeli soldiers drive their armored personnel carrier along the Gaza Strip, in southern occupied Palestine, Wednesday, July 30, 2025 (AP)
Politics

Ex-Israeli general says Gaza starvation campaign isolated 'Israel'

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS