Comment on Summer demand could send oil prices spiking and trigger a global recession, IEA chief warns

Summer demand could send oil prices spiking and trigger a global recession, IEA chief warns

Fatih Birol warned summer could be difficult for energy markets.Anadolu Agency/Getty Images A rise in energy demand in the summer could send prices higher and risk a global recession, the head of the IEA has warned. Fatih Birol told Bloomberg TV that all players in energy markets should make a "positive contribution" to avert price rises. Energy prices have risen sharply in 2022 after Russia — a major supplier — invaded Ukraine in late February. A rise in energy demand during the summer could send oil prices even higher and push the world economy into a recession, the head of the International Energy Agency has warned.Fatih Birol told Bloomberg TV on Monday that all players in energy markets need to make a "positive contribution" to ensure that prices don't spike.His comments come in the context of a sharp rise in global energy prices as a result of Russia's invasion of Ukraine.

 

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