Countries are in the midst of the first truly global energy crisis.

That’s the suggestion from Dr Fatih Birol, the head of the International Energy Agency (IEA), who spoke during the 15the Singapore Energy Week about the challenges governments are currently facing.

The Executive Director of the Paris-based intergovernmental organisation has said the tight liquefied natural gas markets and the decision made by oil and gas producers to cut supply are the main reasons for the escalating crisis.

Commenting on the OPEC+ decision to cut two million barrels per day of output, Dr Birol said: “(It is) especially risky as several economies around the world are on the brink of a recession if that we are talking about the global recession. I found this decision really unfortunate.”

IEA’s boss added that the current energy crisis could accelerate countries’ efforts to build more renewable energy sources.

He said: “Energy security is the number one driver (of the energy transition).”