The global energy crisis sparked by Russia’s unprovoked invasion of Ukraine was near the top of the agenda this week as high-ranking officials and corporate titans met at the World Economic Forum in Davos, Switzerland.

During a panel discussion on Tuesday, the head of the International Energy Agency (IEA), Fatih Birol, called this “the first global energy crisis.” Unlike the 1970s, this crisis involves not only oil but also natural gas and coal, Birol said.

“As a result, we are seeing that the global energy markets are in major turmoil,” he said. Prices “are putting a burden” on economies and leading to recession in some countries. He also told reporters that some European nations could face natural gas rationing next winter.

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