Energy crisis could threaten global economic recovery, says IEA – Reuters

energy, oil, prices, power,
Gulf
  • Date: 14-Oct-2021
  • Source: Reuters
  • Sector: Economy
  • Country: Gulf
  • Share:

Energy crisis could threaten global economic recovery, says IEA – Reuters

LONDON, Oct 14 (Reuters) – A global energy crunch is expected to boost oil demand by 500,000 barrels per day (bpd) and could stoke inflation and slow the world’s recovery from the COVID-19 pandemic, the International Energy Agency (IEA) said on Thursday.

Oil and natural gas prices have soared to multi-year highs recently, sending power prices surging to record levels as widespread energy shortages hit 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.

Biden Suggests Shortening Length Of Budget Programs Rather Than Slashing Them

UAE ‘future-ready’ for cryptos

Dubai Launches Circular Economy Committee

China real estate shares, bonds hit by Evergrande concerns – Reuters