London CNN —For consumers still scarred by jumps in their energy bills in recent years, the International Energy Agency has good news: Oil and natural gas prices will probably be lower over the next five years.
Energy prices soared in the wake of Russia’s full-scale invasion of Ukraine in February 2022, which followed a rise in global demand as economies reopened after Covid lockdowns put lives on hold.
And that “would move us into a very different energy world from the one we have experienced in recent years during the global energy crisis,” he added in a statement accompanying the IEA’s latest World Energy Outlook report.
But global oil output has been increasing, thanks mostly to producers in the United States and other countries in the Americas.
The energy body reiterated its previous forecasts that demand for oil, natural gas and coal will peak by the end of the decade.
Persons:
Covid lockdowns, Ukraine don’t, Fatih Birol, Birol, ” Birol, “
Organizations:
London CNN, International Energy Agency, Energy, Brent, IEA, US, CNN, ”
Locations:
Ukraine, United States, Americas, Qatar