In an article published this Tuesday, May 31 by the German newspaper Der Spiegel, the executive director of the International Energy Agency (IEA) Fatih Birol expresses his fears of a triple energy crisis which would particularly affect Europe. . It might be bigger than the oil shock of 1970.
His statements are scary. Asked by The mirror, Fatih Birol, one of the executives of the International Energy Agency (IEA), believes that the energy crisis will worsen in the months to come. According to the interpretations of Slateshe might be “tougher” than the oil shocks of the 1970s. This will lead to a continuation of the price increase, but not only.
The executive director of the AEI is formal: the summer period will lead to fuel supply difficulties. “When the long holiday season comes to Europe and the United States, the demand for oil will increase. So we might see shortages, for example of diesel, gasoline or kerosene, particularly in Europe.”
Disputed claims
A forecast tempered by Jean-Pierre Favennec, a specialist in raw materials, interviewed by BFM TV. “Each oil operator must have three months of storage. The actually usable storages are a little bit lower. But let’s say thatwe easily have a month and a half or two months of stock ahead of us“, he believes.
And according to him, it is not either the European embargo on the oil marketed by Moscow which should put Europe in difficulty beyond measure. Supplies should just reorganize. “Presumably, the Russians will sell more oil in China and India. The Indians and the Chinese will need a little less oil in the Middle East or in Africa for example. And so it is oil that will become available for Europeans”, predicts Jean-Pierre Favennec.
Electricity cuts to fear?
If the question of the risk of fuel shortage in Europe is subject to debate, Fatih Birol believes that the current crisis might affect “simultaneously oil, gas and electricity”. An analysis that echoes an article published by Vice at the end of May and highlighting “a report” indicating “that the majority of the US power grid was at risk of failing this summer”.
