Ebook: World Energy Outlook

The world is in the midst of its first global energy crisis – a shock of unprecedented breadth
and complexity. Pressures in markets predated Russia’s invasion of Ukraine, but Russia’s
actions have turned a rapid economic recovery from the pandemic – which strained all
manner of global supply chains, including energy – into full‐blown energy turmoil. Russia has
been by far the world’s largest exporter of fossil fuels, but its curtailments of natural gas
supply to Europe and European sanctions on imports of oil and coal from Russia are severing
one of the main arteries of global energy trade. All fuels are affected, but gas markets are
the epicentre as Russia seeks leverage by exposing consumers to higher energy bills and
supply shortages