The energy crisis that has pushed the prices of fossil fuels to highs not seen in years is threatening the global recovery from the coronavirus pandemic, the International Energy Agency has warned. “Provisional August data already indicates that there is some unseasonably high demand for fuel oil, crude and middle distillates for power plants across a number of countries, including China, Japan and Pakistan in Asia, Germany and France in Europe and Brazil,” the IEA said, as quoted by Reuters. The agency explained that this higher demand was the result of high gas and coal prices that have prompted many power utilities and companies from energy-intensive sectors to switch to oil, adding to upward price pressures and prompting the IEA to revise its oil demand outlook for this year and next. The IEA now sees oil demand growing by 5.5 million bpd this year and by another 3.3 million […]