The energy crisis seems to be a bit of a perfect storm. A very cold winter caused european countries to deplete their stocks of coal and natural gas. Opec also limited output of oil. China and america then used a lot of their oil reserves as an f u to opec and dropping prices. Expecting them to increase output. They didn't and prices rose. With opening up china and other asian countries bought a lot of natural gas. Pushing prices high. The floods in china and india has flooded coal mines dropping their output. We also had low wind in europe meaning less electricity generated by wind farms. Russia has depleted stocks so are refilling but also using the high prices to leverage the eu to sign off on the nord stream 2 gasline.
Lets just hope it's a mild winter.
Lets just hope it's a mild winter.