International Energy Agency: The events in Ukraine may soon lead to a global energy crisis
March 30, 2022, 10:14 am

International Energy Agency: The events in Ukraine may soon lead to a global energy crisis

Russian invasion of Ukraine (File photo: Euromaidan Press)

The We For News reported, the head of the Paris-based International Energy Agency, Fatih Birol, said at a meeting of energy and climate ministers on Wednesday 30-03-2022, the events in Ukraine could soon lead to a global energy crisis.

He said: “Given Russia’s role in the global energy system, this humanitarian crisis could be followed by an energy one," noting that it is now crucial to determine what measures the global community can take to avoid this.

“This situation confirms the need to ensure international energy security.”

The global energy watchdog announced last week it had developed a 10-step plan aimed at reducing global oil demand by 2.7 million barrels per day within four months. The organization proposes reducing the speed limit on highways by 10kph, banning the use of cars on Sundays, reducing public transport tariffs, stimulating car-sharing, expanding remote work to three days a week, and promoting the use of high-speed and night trains instead of flights, as well as the broader use of electric vehicles.

The events in Ukraine could soon lead to a global energy crisis (File photo: Pixabay)

The IEA said in a press release: “This would significantly reduce potential strains at a time when a large amount of Russian supplies may no longer reach the market and the peak demand season of July and August is approaching.”. According to the organization, practical action by governments and citizens can significantly reduce the demand for oil and reduce consumer spending on automobile fuel.

UK says Russian units forced to return to Belarus, Russia to resupply

The warning comes as oil supplies from Russia have been put in jeopardy amid sanctions imposed on the country over its military operation in Ukraine. Russia is the world’s largest exporter of the commodity to global markets, and the third-largest oil-producing country in the world.

The US and UK said earlier this month they would stop buying Russian oil, while the EU is still divided on the issue. The IEA estimated in its March report that Russia may lose roughly one-third of its total oil production due to economic sanctions.

Sputnik agency: At least 87 foreign militants from Syria's Idlib headed to Ukraine

Meanwhile, the anti-Russia policies have been backfiring on states that introduced them. Inflation in both the US and EU has been soaring to multiple-year highs, with the costs for energy contributing the most to rising prices.

Source: wefornews

USA 'running out of money' to fight Covid-19 Russian and Chinese foreign ministers condemn western sanctions on Moscow over Ukraine invasion

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”