IEA: Energy Crisis Could Threaten Global Economic Recovery

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

Noah Browning, Reuters

A global energy crunch is expected to boost oil demand by half a million barrels per day (MMbbl/d) and could stoke inflation and slow the world's recovery from the COVID-19 pandemic, the International Energy Agency (IEA) said on Oct. 14.

Oil and natural gas prices have soared to multiyear 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 monthly oil report.

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