The world faces a worsening oil shortage as demand continues to rise while supply struggles to keep pace. Analysts at the International Energy Agency say global oil stocks are depleting faster than expected. The warning comes as major economies recover from pandemic slowdowns and increase energy consumption. Transportation and manufacturing sectors are already seeing higher fuel costs, which could ripple through supply chains.
The shortage is most acute in Europe where refineries are running below capacity due to sanctions on Russian oil. Norway’s energy minister confirmed the country is redirecting exports to meet European demand. Meanwhile, OPEC+ has delayed production increases despite calls to stabilize markets. Industry leaders warn that without urgent action, fuel prices could surge further in winter.
Households and businesses are bracing for impact. Airlines have raised ticket prices while logistics companies report delays in diesel deliveries. Governments are considering emergency measures, including releasing strategic reserves. The European Central Bank warns high energy prices could slow economic growth next year.
Experts say the crisis reflects deeper structural issues. Investment in new oil projects has fallen since the 2020 price crash, leaving little buffer for sudden demand spikes. Renewable energy expansion is accelerating but cannot yet replace fossil fuels entirely. The coming months will test whether the world can avoid a prolonged energy crunch.
Source: e24.no