(Fortune) So says the world’s foremost energy watchdog, which just released a new report on the global outlook for oil, its first since Russia’s invasion of Ukraine. It predicts slower economic growth this year, but more opportunities for countries to transition away from oil altogether.
The International Energy Agency’s latest oil market report states that the invasion and the international sanctions that effectively cut off Russia from the global economy placed oil on the brink of a massive international supply crunch. The IEA expects that missing Russian oil and the volatility of the market will “appreciably depress global economic growth.”
But there is a silver—or green—lining.
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