Europe’s energy market faces 3 key challenges this year, the IEA’s chief says – By Charmaine Jacob (CNBC) / May 21, 2023
- Europe may have done a good job in reducing its dependency on Russian oil and gas and mitigating an energy crisis caused by the war in Ukraine but it’s “not out of the woods” yet, the head of the International Energy Agency (IEA) told CNBC.
- Rising demand from China and an ongoing reliance on Russian energy still present challenges, however.
Europe may have done a good job in reducing its dependency on Russian oil and gas and mitigating an energy crisis caused by the war in Ukraine but it’s “not out of the woods” yet, the head of the International Energy Agency (IEA) told CNBC.
“Europe was able to transform its energy markets, reduce its share of Russian gas to less than 4%, and its economy still didn’t go through a recession,” Fatih Birol, the IEA’s executive director told CNBC’s Martin Soong on Sunday.
“Europe emissions have declined … and gas storage is at very decent levels,” Birol said, speaking on the sidelines of the Group of Seven summit in Hiroshima, Japan.
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