Global energy crisis (2021-present)
The 2021–2023 global energy crisis began in the aftermath of the COVID-19 pandemic in 2021, with much of the world facing shortages and increased prices in oil, gas and electricity markets.
The crisis was caused by many factors, including the fast post-pandemic economic recovery and the Russian invasion of Ukraine. The price of natural gas reached record highs, and so did electricity in some markets.
Oil prices hit their highest level since 2008.[1]
Global Energy Crisis (2021-present) Media
Priorities of respondents to an EU survey to address the energy and climate crisis in the EU, UK, China and the U.S.
Countries by natural gas proven reserves (2018), based on data from CIA World Factbook. Iran has the world's second-largest natural gas reserves after Russia.
Net income of the global oil and gas industry reached a record US$4 trillion in 2022.
After recovering from the COVID-19 pandemic, energy company profits increased with greater revenues from higher fuel prices resulting from the Russian invasion of Ukraine, falling debt levels, tax write-downs of projects shut down in Russia, and backing off from earlier plans to reduce greenhouse gas emissions. Record profits sparked public calls for windfall taxes.
The German chemical company BASF was forced to cut production
How Europe Reduced Its Natural Gas Consumption
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References
- ↑ "IEA Global Energy Crisis". International Energy Agency. October 2022. Archived from the original on 2022-12-06. Retrieved 2022-12-06.
