IEA says developing nations are the No. 1 casualty of the energy crisis
The IEA executive director has warned that developing countries are the most vulnerable to rising energy prices. He further explains that while the United States is the most vocal about production cuts, it is countries in Africa, South America, and Asia who will take the most damage because of higher import prices and unstable currencies. The IMF has forecasted that the higher oil prices will add to a number of economic difficulties that developing countries already face. The IEA director goes further to claim that we are experiencing the first global energy crisis in light of ongoing conflicts and economic standoffs.