IEA chief: World experiencing its first global energy crisis

The first truly global energy crisis occurred in the world and continues against the backdrop of the conflict in Ukraine, Fatih Birol, executive director of the International Energy Agency (IEA), said in an interview with CNBC.

"We are experiencing the first truly global crisis. The world has never witnessed such a deep and complex energy crisis,” he said.

He noted that before the start of large-scale hostilities in Ukraine, Russia was the ‘number one’ exporter of oil, gas and coal. "There will be great volatility in the gas and oil markets until a peaceful settlement of the conflict in Ukraine is secured,” Birol added.

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