The current energy crisis is much more serious than the one the West faced in the 1970s. Fatih Birol, head of the International Energy Agency, thinks so. He told the German magazine Spiegel that the summer could be critical for Europe in terms of the abundance of energy commodities.
Oil shocks for the West
“When the main holiday season starts in Europe and the United States, demand for fuel will increase. Then we may see a shortage. For example, for diesel, petrol or kerosene, and especially in Europe,” said Fatih Birol.
According to him, the current energy crisis invites comparisons with the oil shocks the West had to cope with at the turn of 1973 and 1974 or 1979 and 1980. However, the current situation is said to be “much worse”, because back then it was only a shortage of oil, while today there is much more at stake. “Back then it was all about oil. Today we have an oil, gas and electricity crisis at the same time,” the head of the International Energy Agency warned.
Embargo on Russian oil imports
Birol issued his warning shortly after it emerged that EU leaders had agreed on the terms of an embargo on Russian oil imports. The embargo is expected to take effect from the end of the year and should lead to a reduction in oil imports from Russia by at least two-thirds.
