World Faces Biggest Energy Crisis in 40 Years - Novak

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Global energy markets are experiencing their most severe shock in decades, according to Russian Deputy Prime Minister Alexander Novak, as reported by TASS.

Novak described the current situation as the largest energy crisis in at least 40 years, driven by a massive transformation of the global energy balance and intensified competition for resources.

He pointed out that many international conflicts over the past decades have been linked to energy factors. Specifically, Novak mentioned the role of the United States in military campaigns in countries with significant hydrocarbon reserves, such as Iran, Iraq, Kuwait, Syria, and Libya.

According to Novak, the effects of the current crisis are already evident not only in energy shortages but also in disruptions to logistics chains and a profound restructuring of global markets. These processes, he believes, will have long-term implications for the world economy.

Novak also emphasized that expectations of a rapid peak in energy demand will not be met. In the coming years, he predicts that consumption of oil, gas, and coal will continue to grow.

The situation is further complicated by escalation in the Middle East. In late February, the United States, in coordination with Israel, launched a military operation against Iran, striking several cities including Tehran. In response, the Islamic Revolutionary Guard Corps carried out a large-scale attack on Israeli targets and U.S. infrastructure in the region, including Bahrain, Jordan, Qatar, Kuwait, the UAE, and Saudi Arabia.