Many falsehoods are being spread about the current global energy crisis. Our Executive Editor Fatih Birol rebutted three of the most damaging ones in a recent
opinion articlepublished by
the Financial Times, stressing the importance of separating fact from fiction at this perilous time. The first fallacy is that Russia is winning the energy battle. Russia may have benefitted from spikes in oil and gas prices triggered by its invasion of Ukraine, but any short-term gain from rising export revenue is more than offset by the long-term loss of both trust and markets. Moscow has alienated the European Union, its largest customer, and sanctions on its oil and gas sector will hurt its future ability to exploit its resources by cutting access to vital technologies.