Energy crisis: five questions that must be answered in 2023

Energy markets have been on a roller-coaster ride this year. In response to Russia’s invasion of Ukraine, Western countries imposed financial sanc- tions on Russia and embargoed its oil exports. Russia cut its gas supplies to Europe in retaliation. Major importers such as Germany had to slash their energy use and look elsewhere for supplies. Low- and middle-income nations struggled to access affordable energy. Countries including Pakistan, Bangladesh and Sri Lanka faced blackouts; fuel price hikes spilled over into food markets.