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IEA Executive Director: Global energy industry is going through a big shock

01.06.2020,16:28


June 1, Fineko/abc.az. The global energy industry is going through a big shock, IEA's Executive Director Fatih Birol stated.

Birol noted: "The energy sector in the world is facing a big shake-up in terms of investments. Globally, energy investments will fall by 20 percent, or $400 billion, compared with last year. Since last year the global energy budget has been reduced by $400 billion. This is an unprecedented event in history. And the biggest ‘blow’ fell on the oil and gas industry. The global energy industry is experiencing a big shock from angle of investments.”

Birol, who noted that there is a significant decline in natural gas prices in Europe, said: "The price of natural gas has fallen below $1. We are facing a situation of minimal reduction in natural gas prices in Europe. Because the continent's natural gas reserves are completely filled."