"Record coal and gas prices as well as rolling blackouts are prompting the power sector and energy-intensive industries to turn to oil to keep the lights on and operations humming," the IEA said in its monthly oil report. Bosnian coal miners work in an underground tunnel at a mine in Zenica, Bosnia. File pic
LONDON: A global energy crunch is expected to boost oil demand by 500,000 barrels per day (bpd) and could stoke inflation and slow the world's recovery from the COVID-19 pandemic, the International Energy Agency (IEA) said on Thursday.
Oil and natural gas prices have soared to multi-year highs recently, sending power prices surging to record levels as widespread energy shortages hit Asia and Europe.
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