 says Russia's invasion of Ukraine in February is the main factor behind this. Russia has cut natural gas supplies to countries in the European Union by over 80% because of their opposition to the invasion, and this has led to a bidding war for supplies of gas across the world.The price of natural gas was rising even before the outbreak of the war. As countries emerged from Covid lockdowns, industries started using much more of it. Coal prices have also risen sharply - tripling over the past year. That's because with the shortage of gas, many power stations around the world have switched to using coal. instead. Oil, the third major fossil fuel energy sources, has also risen in price as EU members, along with countries such as the UK and US, have banned purchases of Russian oil.This has created further oil shortages, and at its peak, Brent crude reached $125 a barrel. The price is now at levels of between $90 and $95 a barrel.The IEA says this year's energy crisis is worse than the oil price shocks of the 1970s because it involves not just oil but natural gas and coal, as well.It is also affecting the lives of many more people around the world - and especially in developing countries.Image source, Getty ImagesImage caption, For many households, liquefied petroleum gas for cooking may now be unaffordableHigh fuel prices have increased the cost of producing electricity, and the prices that consumers pay for it. The IEA says that in recent years, hundreds of millions more people around the world have been able t){kind=link}
We are in the midst of the first global energy crisis, according to the International Energy Agency.
It says that because of it, tens of millions of people across the world may lose access to electricity, or fuel for their homes.
The price of natural gas has increased almost five-fold since the summer of 2020.
It has been selling on international markets for the equivalent of $250 per barrel of oil.
The International Energy Authority (IEA) says Russia’s invasion of Ukraine in February is the main factor behind this.