German Bank: The impact of the energy crisis on developed economies may be smaller than in the 1970s.

In a report, Joerg Kraemer of Commerzbank stated that compared to the 1970s, developed economies seem to be more prepared to withstand the current energy crisis. The Executive Director of the International Energy Agency, Fatih Birol, recently stated that the current energy shock is more severe than the three shocks of 1973, 1979, and 2022 combined. Kraemer said that the daily decline in oil production is indeed larger than before. However, he mentioned that modern economies have lower energy intensity, larger strategic reserves, and the US is now a net exporter of oil and liquefied natural gas. In 1974, oil prices rose by 250%, while it is predicted to rise by 60% in 2026. But if the disruptions continue, the risks may increase. Kraemer said, "It seems too early to declare that the alarm is completely lifted."