Sri Lanka is facing fresh fuel supply concerns as authorities raise prices by more than 8% to curb panic buying and stabilise supplies. The move comes amid rising demand and fears of shortages across the island nation.

The chairman of Ceylon Petroleum Corporation, D. J. Rajakaruna, urged the public to reduce non-essential travel and limit fuel consumption as the government works to manage limited reserves.

Fuel Crisis: Sri Lanka Hikes Fuel Prices Amid Panic Buying

Global supply chains face heightened risk after QatarEnergy halted LNG production amid escalating regional conflict, removing about 20% of worldwide LNG exports and contributing to shipping disruptions. Rising insurance costs and blocked transit routes through the Strait of Hormuz further threaten energy and goods movement, intensifying global market uncertainty.


Energy Crisis: 'India First' Approach Guides Decision To Keep Oil Reserves Intact

As the war in Middile East intensifies, Iran's Islamic Revolutionary Guard Corps has issued a stark warning to Gulf states: rein in the United States and Israel or face oil prices soaring to 200 dollars per barrel. Energy markets are already on edge. Brent crude surged to around $119 before plunging to nearly $102 within just 24 hours, highlighting extreme volatility. Analysts warn that if the conflict spreads to oil routes or production hubs, the world could face a major energy shock with huge economic consequences.


IRGC Goes Nuclear! | Iran Warns: Prepare for $200 Oil

Global markets are plunging as fears over oil distribution rise amid the ongoing Israel–Iran war. Investors are concerned that continued conflict could disrupt shipments through the Strait of Hormuz, a vital route for global energy supply.


Israel-Iran War: Global Sell Off Deepens As Oil Distribution Fears Rise

#Gravitas: Tensions in West Asia are now disrupting one of the most critical shipping routes in the world, the Strait of Hormuz. Nearly one-fifth of the world’s oil moves through this narrow passage. Any disruption here quickly ripples across global markets and straight into people’s pockets. 


Israel-Iran War: Can Shipping Resume Through Hormuz as Energy Crisis Widens Globally 

Ukrainian President Volodymyr Zelensky met with UNHCR Chief Barham Salih to discuss strategies to tackle Ukraine’s ongoing energy crisis. The meeting focused on securing international support, improving energy infrastructure, and addressing humanitarian challenges amid the country’s critical energy shortages. Zelensky emphasized the importance of global cooperation to ensure energy stability for civilians.


Zelensky Meets UNHCR Chief Barham Salih to Address Energy Crisis

Cuba’s deepening energy crisis has triggered major developments, with Russia’s aviation regulator suspending flights and plans underway to evacuate tourists from the island. The Kremlin says it is in talks with Havana over possible aid and support as power shortages worsen.


Cuba’s Energy Crisis Deepens: Russia Suspends Flights, Evacuates Tourists

Cuba is experiencing its most severe energy crisis in decades, affecting daily life and infrastructure across the island. Meanwhile, former President Trump has intensified political and economic pressure on Havana. This video explores the crisis, its causes, and the potential impacts on Cuba’s population and international relations.


After Venezuela, Is Cuba's Communist Govt Next US Target?

Cuba has halted airline refueling and is reeling from a US-ordered halt in Venezuelan oil shipments, deepening a crippling energy crisis. The government has imposed emergency measures, including reductions in bus and train services, and transport and power cutbacks as shortages spread across the island.


Cuba Reeling From US-Ordered Halt in Shipments From Venezuela

Iran is grappling with a severe energy crisis, driven by ongoing fuel shortages that have forced the closure of schools, universities, and government offices in Tehran for the third consecutive day.

Iran Faces Power Shortages as Schools & Public Buildings Close

With Russia unleashing a wave of missile strikes on energy infrastructure in Ukraine Ukrainian President Vladimir. Zelenskyy said that citizens are facing massive power supply crunch in cities like Kharkiv. Watch to know more!

Ukraine war: Russian strike on power infrastructure cripples Ukraine

Germany, the largest economy in Europe, is facing serious challenges as its economy grapples with ongoing struggles. As concerns rise about the potential impact on Europe's overall prosperity, the nation's growth engine seems to have sputtered.&nbsp;

Despite initial optimistic forecasts, Germany has narrowly avoided a recession, but its industrial sector continues to languish, endangering the dynamism it has exhibited since the post-war era.

A series of ongoing challenges exacerbates the situation.

Firstly, an energy crisis has struck the country, stemming from the Ukraine war, which is now directly affecting manufacturers in an economy already contending with a demographic skills deficit and low productivity. The compounding effects of these issues are further hampering Germany's growth potential.

Moreover, the intensifying global competition in electric vehicles poses a significant threat to Germany's stronghold in the automaking sector. This situation demands immediate attention as the country's automotive skills and expertise face increasing pressure from competitors worldwide.

Another critical issue arises from the economy's heavy reliance on manufacturing gasoline-powered vehicles. While competitors race ahead with electric vehicle production, Germany faces the pressing need to adapt its automotive industry swiftly. A recent illustration of the consequences can be seen in Volkswagen's sales projections, which experienced a decline due in part to reduced Chinese orders.

Thomas Mayer, founder of the Flossbach von Storch Research Institute and a seasoned economic observer in Germany, emphasised that the pace of the economy's growth or decline is of secondary concern. As quoted by Bloomberg, he asserts that Germany needs to pay attention to more fundamental challenges and cautions that the country may unintentionally compete for the unwelcome title of the "Sick Man of Europe."

Economic slowdown in Germany, encouraging outlook for Italy in 2023

The industrial decline in Germany, revealed by S&amp;P Global's purchasing manager index, has overshadowed the continued expansion in the service sector, impacting not just the nation itself but also having repercussions on other economies within the region. Shockingly, Germany is expected to be the only G7 nation experiencing economic contraction this year, a situation that demands urgent attention and action.

Though the predicted full-year decline of 0.3 percent in Germany's GDP may not appear substantial, it holds significant implications. The fact that this will be the first time since 2003 when Germany's GDP decreases while Italy's increases,&nbsp;underlines the severity of the economic challenges facing the country.

This week, the IMF projected an encouraging outlook for Italy in 2023, and Italian Prime Minister Giorgia Meloni highlighted it. The projections indicate higher growth rates for Italy compared to Germany and France, signaling a delayed but promising economic comeback. Factors contributing to this positive outlook include a potential tourist boom and increased expenditure driven by the European Union.&nbsp;&nbsp;

In Germany, the economic slowdown is not just a forecast; its impact is already being felt in various industries. Manufacturers are facing significant challenges, and the country's heavy reliance on gasoline-powered cars while competitors accelerate their electric vehicle production is a pressing concern.

To tackle long-term growth concerns, the German government is taking proactive measures, offering subsidies to companies willing to establish factories. Through a generous €20 billion giveaway, the government aims to stimulate semiconductor manufacturing and provide crucial support to the technology sector. These efforts are geared towards rejuvenating economic momentum and ensuring a competitive edge in the face of evolving global markets.

(With inputs from agencies)

Germany, the largest economy in Europe, is facing serious challenges as its economy grapples with ongoing struggles. As concerns rise about the potential impact on Europe's overall prosperity, the nation's growth engine seems to have sputtered.

Germany, the largest economy in Europe, is facing serious challenges as its economy grapples with ongoing struggles. As concerns rise about the potential impact on Europe's overall prosperity, the nation's growth engine seems to have sputtered. Despite initial optimistic forecasts, Germany has narrowly avoided a recession, but its industrial sector continues to languish, endangering the dynamism it has exhibited since the post-war era. A series of ongoing challenges exacerbates the situation. Firstly, an energy crisis has struck the country, stemming from the Ukraine war, which is now directly affecting manufacturers in an economy already contending with a demographic skills deficit and low productivity. The compounding effects of these issues are further hampering Germany's growth potential. Moreover, the intensifying global competition in electric vehicles poses a significant threat to Germany's stronghold in the automaking sector. This situation demands immediate attention as the country's automotive skills and expertise face increasing pressure from competitors worldwide. Another critical issue arises from the economy's heavy reliance on manufacturing gasoline-powered vehicles. While competitors race ahead with electric vehicle production, Germany faces the pressing need to adapt its automotive industry swiftly. A recent illustration of the consequences can be seen in Volkswagen's sales projections, which experienced a decline due in part to reduced Chinese orders. Thomas Mayer, founder of the Flossbach von Storch Research Institute and a seasoned economic observer in Germany, emphasised that the pace of the economy's growth or decline is of secondary concern. As quoted by Bloomberg, he asserts that Germany needs to pay attention to more fundamental challenges and cautions that the country may unintentionally compete for the unwelcome title of the "Sick Man of Europe." Economic slowdown in Germany, encouraging outlook for Italy in 2023 The industrial decline in Germany, revealed by S&P Global's purchasing manager index, has overshadowed the continued expansion in the service sector, impacting not just the nation itself but also having repercussions on other economies within the region. Shockingly, Germany is expected to be the only G7 nation experiencing economic contraction this year, a situation that demands urgent attention and action. Though the predicted full-year decline of 0.3 percent in Germany's GDP may not appear substantial, it holds significant implications. The fact that this will be the first time since 2003 when Germany's GDP decreases while Italy's increases, underlines the severity of the economic challenges facing the country. This week, the IMF projected an encouraging outlook for Italy in 2023, and Italian Prime Minister Giorgia Meloni highlighted it. The projections indicate higher growth rates for Italy compared to Germany and France, signaling a delayed but promising economic comeback. Factors contributing to this positive outlook include a potential tourist boom and increased expenditure driven by the European Union. In Germany, the economic slowdown is not just a forecast; its impact is already being felt in various industries. Manufacturers are facing significant challenges, and the country's heavy reliance on gasoline-powered cars while competitors accelerate their electric vehicle production is a pressing concern. To tackle long-term growth concerns, the German government is taking proactive measures, offering subsidies to companies willing to establish factories. Through a generous €20 billion giveaway, the government aims to stimulate semiconductor manufacturing and provide crucial support to the technology sector. These efforts are geared towards rejuvenating economic momentum and ensuring a competitive edge in the face of evolving global markets. (With inputs from agencies)

Germany grapples with economic turmoil amid energy crisis & industrial decline

Environmental activists have&nbsp;lined up outside Rishi Sunak's home while donning swimwear, flip-flops, and diving gear&nbsp;— to take a dip in his heated private pool.&nbsp;

Greenpeace protesters lined up outside the PM's Grade-II listed manor residence in Richmond, Yorkshire to show their displeasure with the energy-draining pool, reported the Mirror.&nbsp;

Last month's revelation that Sunak's new heated private pool, which cost £4,00,000 (US$4,93,492)&nbsp;would require an upgrade to the local electricity infrastructure.&nbsp;

The UK's richest Prime Minister has "failed to upgrade our outdated national grid, which remains unable to deliver the green energy revolution for the rest of us that would lower bills and help tackle the climate crisis," the protesters asserted. They said they wanted to draw attention to his "hypocrisy."

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
🚨OUR POOL PARTY AT RISHI SUNAK’S: Tomorrow 11am / 11:00 BST, Twitter 🚨
— Greenpeace UK (@GreenpeaceUK) <a href="https://twitter.com/GreenpeaceUK/status/1641130624428785675?ref_src=twsrc%5Etfw">March 29, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

A smart grid, according to Ofgem (The Office of Gas and Electricity Markets, supporting the Gas and Electricity Markets&nbsp;Authority), may save up to £4.7 billion (US$5.8 billion)&nbsp;annually by the end of this decade, which might help lower energy prices.&nbsp;

According to information provided to lawmakers earlier this month, around 350 public swimming pools have had to close or reduce their operating hours due to rising energy costs.&nbsp;

Philip Evans, Greenpeace UK’s climate campaigner, who spoke to the Mirror said, “We're queuing up for the Prime Minister's heated pool because a better electricity grid should be a public good, not the private luxury of millionaires.”

“While Sunak will enjoy doing lengths in his warm pool, the rest of us are stuck with an outdated power network, not fit for purpose, that’s blocking the roll-out of more cheap and clean renewables,” he added.

Greenpeace is pushing the government to pay attention to the energy experts who have warned that if the outdated grid isn't upgraded, they won't be able to roll out renewable energy sources at the rate required to address the rising cost of energy and climate crisis.&nbsp;

Household costs may soar if the government delays its goal of getting rid of harmful fossil fuels from the power grid by 2035, a Whitehall budget watchdog said earlier this month. 
 
 
&nbsp;

WATCH WION LIVE HERE:

<iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed" style="width:100%;max-width:560px;" width="560"></iframe>

Environmental activists have lined up outside Rishi Sunak's home while donning swimwear, flip-flops, and diving gear — to take a dip in his heated private pool. Greenpeace protesters lined up outside the PM's Grade-II listed manor residence in Richmond, Yorkshire to show their displeasure with the energy-draining pool, reported the Mirror.

Environmental activists have lined up outside Rishi Sunak's home while donning swimwear, flip-flops, and diving gear — to take a dip in his heated private pool. Greenpeace protesters lined up outside the PM's Grade-II listed manor residence in Richmond, Yorkshire to show their displeasure with the energy-draining pool, reported the Mirror. Last month's revelation that Sunak's new heated private pool, which cost £4,00,000 (US$4,93,492) would require an upgrade to the local electricity infrastructure. The UK's richest Prime Minister has "failed to upgrade our outdated national grid, which remains unable to deliver the green energy revolution for the rest of us that would lower bills and help tackle the climate crisis," the protesters asserted. They said they wanted to draw attention to his "hypocrisy." 🚨OUR POOL PARTY AT RISHI SUNAK’S: Tomorrow 11am / 11:00 BST, Twitter 🚨 — Greenpeace UK (@GreenpeaceUK) March 29, 2023 × A smart grid, according to Ofgem (The Office of Gas and Electricity Markets, supporting the Gas and Electricity Markets Authority), may save up to £4.7 billion (US$5.8 billion) annually by the end of this decade, which might help lower energy prices. According to information provided to lawmakers earlier this month, around 350 public swimming pools have had to close or reduce their operating hours due to rising energy costs. Philip Evans, Greenpeace UK’s climate campaigner, who spoke to the Mirror said, “We're queuing up for the Prime Minister's heated pool because a better electricity grid should be a public good, not the private luxury of millionaires.” “While Sunak will enjoy doing lengths in his warm pool, the rest of us are stuck with an outdated power network, not fit for purpose, that’s blocking the roll-out of more cheap and clean renewables,” he added. Greenpeace is pushing the government to pay attention to the energy experts who have warned that if the outdated grid isn't upgraded, they won't be able to roll out renewable energy sources at the rate required to address the rising cost of energy and climate crisis. Household costs may soar if the government delays its goal of getting rid of harmful fossil fuels from the power grid by 2035, a Whitehall budget watchdog said earlier this month. WATCH WION LIVE HERE:

Pool party at Sunak's? Greenpeace activists gather outside UK PM's home in protest of his energy-draining pool

Amid Britain's severe energy crisis and citizens trying to cut their power usage by more than half, PM Sunak's new heated swimming pool is taking the crisis up a notch. Will the UK premier realise the repercussions of this new move? Will it have a spillover effect on the other problems the UK is facing? Mohammed Saleh gets you more details.

Gravitas: Is Sunak losing empathy for his own people?

The energy-starved South Africa has unveiled new tax incentives to encourage investment in the production of clean power helping the country to battle an energy crisis that has sparked worsening blackouts. Hem Saroya tells you more about these incentives.

South Africa offers tax breaks to boost green power

The increasing cost-of-living pressure because of the Ukraine war could push an additional 141 million people into extreme poverty, a study published on Thursday (February 16) in the British scientific journal Nature has highlighted. The global energy crisis worsened after Russia launched a full-scale invasion in February 2022, it further underlines, stressing that continued high reliance on fossil fuels and the severe mismatch between energy demand and supply were among the other factors that contributed.&nbsp;

With Russia being a major exporter of oil (12.3 per cent of global supply in 2021) and natural gas (23.6 per cent), European nations dependent on oil and natural gas imports from the country, already at high risk since gas storages were nearly and probably deliberately emptied before the war, face unprecedented fuel supply shortages, according to the study by the Birmingham University. Many economies have been pushed into recession, it further points out, and inflation has been triggered due to the energy crisis.

Even as several governments have brought in measures to subsidise soaring energy bills for households, these might be insufficient in view of the scale of the problem, researchers said. The surge in direct energy costs of households in 116 countries range from 51.1 per cent to 176.1 per cent.&nbsp;

"Referring to the World Bank’s latest international poverty line (US$2.15 in 2017 purchasing power parity (PPP) per person per day, updated in September 2022), we estimated that an additional 78 million–141 million people (1.2–2.1 percent of the global population) could be pushed into extreme poverty," the report reads. "Our results are 5–48% larger than the estimates from the World Bank (75 million–95 million compared with pre-crisis projections)," it adds.&nbsp;

&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1  width=&quot;100%&quot;"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

The increasing cost-of-living pressure because of the Ukraine war could push an additional 141 million people into extreme poverty, a study published on Thursday (February 16) in the British scientific journal Nature has highlighted.

The increasing cost-of-living pressure because of the Ukraine war could push an additional 141 million people into extreme poverty, a study published on Thursday (February 16) in the British scientific journal Nature has highlighted. The global energy crisis worsened after Russia launched a full-scale invasion in February 2022, it further underlines, stressing that continued high reliance on fossil fuels and the severe mismatch between energy demand and supply were among the other factors that contributed. With Russia being a major exporter of oil (12.3 per cent of global supply in 2021) and natural gas (23.6 per cent), European nations dependent on oil and natural gas imports from the country, already at high risk since gas storages were nearly and probably deliberately emptied before the war, face unprecedented fuel supply shortages, according to the study by the Birmingham University. Many economies have been pushed into recession, it further points out, and inflation has been triggered due to the energy crisis. Even as several governments have brought in measures to subsidise soaring energy bills for households, these might be insufficient in view of the scale of the problem, researchers said. The surge in direct energy costs of households in 116 countries range from 51.1 per cent to 176.1 per cent. "Referring to the World Bank’s latest international poverty line (US$2.15 in 2017 purchasing power parity (PPP) per person per day, updated in September 2022), we estimated that an additional 78 million–141 million people (1.2–2.1 percent of the global population) could be pushed into extreme poverty," the report reads. "Our results are 5–48% larger than the estimates from the World Bank (75 million–95 million compared with pre-crisis projections)," it adds. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Russia-Ukraine war putting 141 million globally at risk of extreme poverty: Study 

An energy crisis in the UK is showing a newly created government department. The department of energy security and net zero is to push households and businesses to slash energy usage by 15.

UK's Energy Challenge: Britons urged to cut usage by 15%

Thousands of people rushed to the streets of Johannesburg to protest a prolonged energy crisis. The crisis has caused record power cuts in South Africa. Watch further to know more.

WION Dispatch: South Africa cripples with energy crisis, protests in Johannesburg

According to the International Energy Agency (IEA), the global oil demand is set to reach an all-time high in 2023 as the Chinese economy re-opens after ending its stringent zero-Covid policy. However, the Paris-based watchdog in its report published on Wednesday (January 18) also noted that the ongoing Russian invasion of Ukraine and the consequent Western sanctions on Moscow could affect the supply.&nbsp;

The demand for crude oil could surge by 1.9 million barrels per day (bpd) to reach a record 101.7 million bpd, said the IEA in its first monthly oil report of the year. It also noted, “Two wild cards dominate the 2023 oil market outlook: Russia and China.”&nbsp;This comes after crude oil prices soared last year amid fears of disruptions following Moscow’s invasion of Ukraine, however, later they stabilised as the Russian supply more or less continued while Europe faced an economic slowdown which lowered demand to some extent.&nbsp;

ALSO WATCH:&nbsp;<a href="https://www.wionews.com/videos/russian-oil-continues-to-flow-in-britain-western-hypocrisy-536228">Russian oil continues to flow in Britain | Western Hypocrisy</a>

However, IEA also said that there is a “high degree of uncertainty” about where the prices of oil could, in part, be attributed to the western sanctions on Russia, particularly the upcoming European Union ban on refined products which will take effect from February 5. The report also noted that despite sanctions, Russian oil output in December was dented only by 200,000 bpd.

“Russian supply slows under the full impact of sanctions, China will drive nearly half this global demand growth even as the shape and speed of its reopening remains uncertain,” said the IEA report. Notably, China’s demand for oil plunged for the first time in almost three decades due to the economic slowdown it faced while Beijing’s stringent Covid restrictions were in place.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/opec-decision-of-output-cut-not-aimed-against-us-says-saudi-arabia-525212">OPEC decision of output cut not aimed against US, says Saudi Arabia</a>

However, as the country re-opens, it paves the way for an increase in demand due to travel, trade and business activities. According to the IEA, this could, in turn, lead to a tighter global oil market due to increased demand from China and the “full impact” of Western sanctions on Russian oil.&nbsp;

“The preeminent driver of 2023 GDP and oil demand growth will be the timing and pace of China’s post-lockdown recovery,” said the IEA, as per Reuters.&nbsp;The Paris-based agency also said that the main growth of oil supply growth is set to take place from the United States as the OPEC+ will reduce theirs by 870,000 bpd.&nbsp;

(With inputs from agencies)&nbsp; 
 
&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

According to the International Energy Agency (IEA), the global oil demand is set to reach an all-time high in 2023 as the Chinese economy re-opens after ending its stringent zero-Covid policy.

According to the International Energy Agency (IEA), the global oil demand is set to reach an all-time high in 2023 as the Chinese economy re-opens after ending its stringent zero-Covid policy. However, the Paris-based watchdog in its report published on Wednesday (January 18) also noted that the ongoing Russian invasion of Ukraine and the consequent Western sanctions on Moscow could affect the supply. The demand for crude oil could surge by 1.9 million barrels per day (bpd) to reach a record 101.7 million bpd, said the IEA in its first monthly oil report of the year. It also noted, “Two wild cards dominate the 2023 oil market outlook: Russia and China.” This comes after crude oil prices soared last year amid fears of disruptions following Moscow’s invasion of Ukraine, however, later they stabilised as the Russian supply more or less continued while Europe faced an economic slowdown which lowered demand to some extent. ALSO WATCH: Russian oil continues to flow in Britain | Western Hypocrisy However, IEA also said that there is a “high degree of uncertainty” about where the prices of oil could, in part, be attributed to the western sanctions on Russia, particularly the upcoming European Union ban on refined products which will take effect from February 5. The report also noted that despite sanctions, Russian oil output in December was dented only by 200,000 bpd. “Russian supply slows under the full impact of sanctions, China will drive nearly half this global demand growth even as the shape and speed of its reopening remains uncertain,” said the IEA report. Notably, China’s demand for oil plunged for the first time in almost three decades due to the economic slowdown it faced while Beijing’s stringent Covid restrictions were in place. ALSO READ | OPEC decision of output cut not aimed against US, says Saudi Arabia However, as the country re-opens, it paves the way for an increase in demand due to travel, trade and business activities. According to the IEA, this could, in turn, lead to a tighter global oil market due to increased demand from China and the “full impact” of Western sanctions on Russian oil. “The preeminent driver of 2023 GDP and oil demand growth will be the timing and pace of China’s post-lockdown recovery,” said the IEA, as per Reuters. The Paris-based agency also said that the main growth of oil supply growth is set to take place from the United States as the OPEC+ will reduce theirs by 870,000 bpd. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Global oil demand to reach an all-time high this year as China re-opens, says IEA

Pakistan has been reeling under the devastating impact of last year’s unprecedented floods and relentless terror attacks. But its troubles seem to have only just begun. Its economy is in dire straits. An acute energy crisis has gripped the country which is now staring at blackouts. Pakistan is also in the throes of a massive food crisis. There have been reports of food riots and stampedes at ration shops. The prime minister and the army chief are frantically seeking foreign aid. Is Pakistan going the Sri Lanka way?

Inside South Asia | Pakistan's crumbling economy: Is it going the Sri Lanka way?

As Pakistan grapples with a crippling power and economic crisis, the Shehbaz Sharif government announces a series of measures to cut the energy cost and decrease dependence on imported oil. Pakistan PM asks government departments to reduce energy consumption by 30%.

Pakistan government announces National Energy Efficiency and Conservation Plan

Pakistan Prime Minister Shehbaz Sharif has ordered government departments to reduce energy consumption by 30% in a bid to resolve the energy issues hammering the nation. WION tells you more in this report.

Pakistan: Electricity, gas shortage grips country; govt announces National Energy Efficiency plan

Pakistan PM asks govt departments to reduce energy consumptions by 30%

After reeling under the rising energy prices, the UK government has finally come up with an advert that urges citizens to take only 30 seconds out of their day to reduce their energy use.

UK: Government launches advert on saving energy

72-year-old, Fabrizio Cardinali has created a small world with zero dependence on energy. He is one of the few people in Europe not worried about rising energy costs this winter. He has no electricity, no gas, and no indoor plumbing.

72-year-old Italian man creates a small world with zero dependence on energy

EU energy ministers have agreed a plan to cap the price of gas, ending months of argument over how to handle the cost of soaring energy prices after Russia cut gas supplies to Europe.

EU energy ministers agree on a gas price cap to contain crisis

Unemployment is set to rise in the UK, partly because working age youth just don't want to work. Nearly 1 in 10 young people never intend to start working, according to a research by Opinium for City and Guilds. Watch this video for details.

1 in 10 youth won’t start working in UK

According to one of the reports on the internet, Switzerland is planning to ban electric vehicles (EVs) in the country. But the country has not really put a ban on EVs as of yet, it has only developed emergency plans to prepare for an energy crisis this winter.&nbsp;

The 'Ordinance on Restrictions and Prohibitions on the Use of Electric Energy' serves as the foundation for these reports. At the moment, the ordinance is only a proposal that the Swiss Federal Council is preparing to adopt in preparation for a potential energy shortage in the country. If the country faces an energy crisis, it outlines four stages of escalation. Only at the third level of escalation, the&nbsp;restrictions on e-mobility will&nbsp;become effective.

The proposal mentioned that "Private use of electric vehicles is permitted only for absolutely necessary journeys like&nbsp;exercising one's profession, shopping, visiting the doctor, attending religious events, attending court appointments." Because the ordinance is intended to regulate "restrictions and prohibitions on the use of electrical energy in order to secure the country's electricity supply," it is likely that EVs will face a partial ban rather than an outright ban in Switzerland ".

Hydroelectric power accounts for 60 per cent&nbsp;of Switzerland's energy supply. The proposed ban is one of the&nbsp;several stringent measures aimed at averting an energy crisis this winter, owing to the country's reliance on imports to get through the colder months.

Other measures may include limiting the heating of public buildings to no more than 20 degrees Celsius. It may also request that citizens limit the temperature of their washing machines to a maximum of 40 degrees Celsius. If the situation worsens, shops in Switzerland will be forced to close two hours earlier. Sports matches, concerts, and theatre performances, on the other hand, will be prohibited.

According to one of the reports on the internet, Switzerland is planning to ban electric vehicles (EVs) in the country. But the country has not really put a ban on EVs as of yet, it has only developed emergency plans to prepare for an energy crisis this winter.

According to one of the reports on the internet, Switzerland is planning to ban electric vehicles (EVs) in the country. But the country has not really put a ban on EVs as of yet, it has only developed emergency plans to prepare for an energy crisis this winter. The 'Ordinance on Restrictions and Prohibitions on the Use of Electric Energy' serves as the foundation for these reports. At the moment, the ordinance is only a proposal that the Swiss Federal Council is preparing to adopt in preparation for a potential energy shortage in the country. If the country faces an energy crisis, it outlines four stages of escalation. Only at the third level of escalation, the restrictions on e-mobility will become effective. The proposal mentioned that "Private use of electric vehicles is permitted only for absolutely necessary journeys like exercising one's profession, shopping, visiting the doctor, attending religious events, attending court appointments." Because the ordinance is intended to regulate "restrictions and prohibitions on the use of electrical energy in order to secure the country's electricity supply," it is likely that EVs will face a partial ban rather than an outright ban in Switzerland ". Hydroelectric power accounts for 60 per cent of Switzerland's energy supply. The proposed ban is one of the several stringent measures aimed at averting an energy crisis this winter, owing to the country's reliance on imports to get through the colder months. Other measures may include limiting the heating of public buildings to no more than 20 degrees Celsius. It may also request that citizens limit the temperature of their washing machines to a maximum of 40 degrees Celsius. If the situation worsens, shops in Switzerland will be forced to close two hours earlier. Sports matches, concerts, and theatre performances, on the other hand, will be prohibited.

Switzerland considers a ban on electric vehicle this winter, here's why

Emergency calls may get affected in parts of France. This has happened due to the prolonged power cuts this winter. Orange CEO claims that the prospect of energy rationing looms amid the war in Ukraine.

World Business Watch | Blackouts could hit mobile networks in France: Orange CEO

The inflation in the Euro zone has dropped to 10 per cent for the first time since November and in the process, it has also exceeded the expectations of most experts. The 19 countries which recognise Euro as their currency grew by just 10 per cent after a 10.6 per cent rise in October.

Also read |&nbsp;<a href="https://www.wionews.com/world/china-removed-from-uk-nuclear-project-a-day-after-sunaks-golden-era-over-statement-538678">China booted from UK nuclear project after Sunak's 'golden era over' statement</a>

Most experts said that the inflation is expected to be somewhere around 10.4 per cent but the fall in inflation has given rise to hope among the economies that the prices can stabilise before the new year.

The inflation was directly related to the energy and food crisis created by the Covid-19 pandemic and the ongoing Russia-Ukraine conflict. While the assurance of price caps on oil and energy has somewhat resulted in the slowdown, the food price inflation continues to be a major concern.

Also read |&nbsp;<a href="https://www.wionews.com/world/europes-import-of-russian-lng-jumps-42-amid-russia-ukraine-war-report-538720">Europe's import of Russian LNG jumps 42% amid Russia-Ukraine war: Report</a>

The other issue with both food and energy prices is the extreme volatility experienced in the global market. While the European Central Bank has already raised interest rates on multiple occasions, more such measures are expected in the near future to keep the inflation rate steady.

This was the first time that the inflation rate came down to 10 per cent in well over a year and it has become a headache for governments. Without food and fuel costs, the inflation has actually gone up slightly from 6.4 per cent to 6.6 per cent – a trend that contradicted with most predictions.

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

The inflation in the Euro zone has dropped to 10 per cent for the first time since November and in the process, it has also exceeded the expectations of most experts.

The inflation in the Euro zone has dropped to 10 per cent for the first time since November and in the process, it has also exceeded the expectations of most experts. The 19 countries which recognise Euro as their currency grew by just 10 per cent after a 10.6 per cent rise in October. Also read | China booted from UK nuclear project after Sunak's 'golden era over' statement Most experts said that the inflation is expected to be somewhere around 10.4 per cent but the fall in inflation has given rise to hope among the economies that the prices can stabilise before the new year. The inflation was directly related to the energy and food crisis created by the Covid-19 pandemic and the ongoing Russia-Ukraine conflict. While the assurance of price caps on oil and energy has somewhat resulted in the slowdown, the food price inflation continues to be a major concern. Also read | Europe's import of Russian LNG jumps 42% amid Russia-Ukraine war: Report The other issue with both food and energy prices is the extreme volatility experienced in the global market. While the European Central Bank has already raised interest rates on multiple occasions, more such measures are expected in the near future to keep the inflation rate steady. This was the first time that the inflation rate came down to 10 per cent in well over a year and it has become a headache for governments. Without food and fuel costs, the inflation has actually gone up slightly from 6.4 per cent to 6.6 per cent – a trend that contradicted with most predictions.

Eurozone inflation slows to 10 per cent in November but rate rises expected

energy-crisis

Energy Crisis, News on Energy Crisis, stories on Energy Crisis, articles on Energy Crisis, Energy Crisis stories at Wion, Energy Crisis news, Energy Crisis latest news