In December 2021, the International Energy Forum (IEF) warned of price shocks, scarcity, and growing energy poverty due to two years of “large and abrupt underinvestment in oil and gas”. Most of the world was beginning to open up after the pandemic, energy demand was climbing, and the price of oil, gas, and electricity was climbing with it.
Then, in February 2022, Russia invaded Ukraine and the price of oil soared past $100. It is easy to forget, 10 months on, just how vulnerable global energy markets were before Russia’s invasion.…China’s Fast And Deadly Road To Covid Recovery
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