The energy crisis may threaten the global economic recovery

The International Energy Agency said today, Thursday, that it expects the global energy crisis to increase demand for oil by half a million barrels per day, and may lead to increased inflation and slow down the global recovery from the Covid-19 pandemic.

“Unprecedented coal and gas prices as well as ongoing power outages are driving the energy sector and energy-intensive industries to switch to oil to keep their operations going,” the Paris-based agency added in its monthly oil report.

“High energy prices also add to inflationary pressures that, along with power outages, may lead to a decline in industrial activity and a slowdown in the economic recovery,” she said.

 
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