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.
Oil and natural gas supplies will increase in the second half of this decade, as long as the conflict in the Middle East and Russia’s war in Ukraine don’t derail current trends, Fatih Birol, the executive director of the International Energy Agency, said Wednesday.
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. “It implies downward pressure on prices, providing some relief for consumers that have been hit hard by price spikes.”
Read the full piece at CNN.
The views and opinions expressed are those of the author’s and do not necessarily reflect the official policy or position of C3.
