Effect of Global Oil Crisis

The war in Ukraine is setting into motion the first global energy crisis of its kind, and nations around the world should respond by reducing their use of oil and gas, the leader of a key international organization warned on Friday.

The International Energy Agency, which was formed in the wake of the 1973 oil crisis to ensure a stable worldwide energy market, said that the repercussions of Russia’s invasion of Ukraine were likely to intensify over the next several months as summer driving season got underway with inventories at historic lows.

“Reducing demand is a way of addressing the situation without just pumping more oil,” said Fatih Birol, the agency’s executive director.

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