#energy-crisis

#energy-crisis

At the start of this year, Pakistan had more imported liquefied natural gas (LNG) than it could use, with demand falling from a peak of 8.2 million tonnes in 2021 to 6.1 million tonnes by late 2025. The government sold excess gas shipments to other countries and shut down domestic gas wells to prevent pipelines from bursting under oversupply.

Global helium consumption runs about 6 billion cubic feet per year. Qatar supplied a big slice until this month. With one-third of output sidelined, prices have already soared.

The Weil European Distress Index shows that financial pressures on European companies had already moved into 'distress territory' before the escalation of tensions involving Iran, leaving firms with far less capacity to absorb another energy-driven shock.

The imminent arrival of the Anatoly Kolodkin tanker comes as The New York Times, citing a US official, reported that Washington was allowing the Russian tanker to reach Cuba, amid a de facto oil blockade imposed by the US administration.

The Strait of Hormuz remains effectively closed, and the impact of the global energy crisis is broadening. From Asia to Europe and beyond, the economic outlook is darkening.

The idea that this is a temporary crisis, and that the economic effects will fade away once the bombing stops, is unfortunately no longer relevant. This situation amounts to a new oil shock. And if this energy shock persists beyond a few weeks, the crisis could spread more widely throughout the economy and, in essence, take on a more systemic nature.

As fuel shortages loom, experts suggest remote work as a solution, showing how WFH can extend far beyond convenience into global necessity.

"We have recently launched the largest ever release of IEA emergency oil stocks - and I am in close contact with key governments around the world, including major energy producers and consumers, as part of our international energy diplomacy."