Singapore CNN Business —Tightening markets for liquefied natural gas (LNG) worldwide and major oil producers cutting supply have put the world in the middle of “the first truly global energy crisis,” the head of the International Energy Agency (IEA) said on Tuesday. For oil, consumption is expected to grow by 1.7 million bpd in 2023 so the world will still need Russian oil to meet demand, Birol said. “I think this is good because the world still needs Russian oil to flow into the market for now. Energy security drives renewables growthThe energy crisis could be a turning point for accelerating clean sources and for forming a sustainable and secured energy system, Birol said. “Energy security is the number one driver (of the energy transition),” said Birol, as countries see energy technologies and renewables as a solution.

---