The world still needs Russian oil to meet growing demand, the agency says Tightening markets for liquefied natural gas (LNG) and curtailed supply from major oil producers have created “the first truly global energy crisis,” Fatih Birol, the executive director of the International Energy Agency (IEA), has said. While addressing the Singapore International Energy Week on Tuesday, the IEA chief said that soaring LNG imports by Europe and a potential rebound in Chinese appetite for the fuel will tighten the market. Meanwhile, only 20 billion cubic meters of new LNG capacity will come on the market next year, according
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