Intergovernmental body International Energy Agency (IEA) is of the view that the world is going through its first global energy crisis.
IEA Executive Director Fatih Birol said that global oil consumption is set to grow by 1.7 million barrels per day by 2023, with Russia playing a key role in the growth. Birol’s comments come after the Organisation of Oil Producing Countries (OPEC+) announced a massive 2 million barrel per day supply cut in crude oil production.
Birol says the cut will impact nations already under pressure, and will likely push many nations into recession. The IEA Executive Director believes the energy crisis may well be a turning point toward accepting cleaner energy sources.
On the other hand, Reliance Industries Ltd’s Mukesh Ambani is of the view that if the world is too hasty to jump towards renewable energy, it may destabilise the global economy.
On India Tonight Vikram Oza dives into the issue with Anurag Singh, Managing Partner – Ansid Capital. Peter Cardillo, Chief Market Economist, Spartan Capital Securities LLC. Watch:
