Accra:According to BERNAMA News Agency, global reliance on imported energy is anticipated to reach its highest point by 2034. This projection comes as energy security concerns are prompting a shift towards electrification amid growing disruptions in global fuel supplies. The fifth edition of Rystad Energy's 'Global Energy Scenarios (GES) 2026' report highlights significant challenges such as Russia's war in Ukraine and the crisis in West Asia affecting the energy system since the oil crises of the 1970s.

The report notes that the energy system has managed the current crises effectively due to decades of investment, innovation, and diversification, which have created optionality and provided valuable time. However, ongoing conflicts, such as the constrained Strait of Hormuz, could increasingly impact interconnected systems like food, logistics, and manufacturing.

In 2021, Russia contributed approximately 36% of Europe's gas imports, with the United States supplying about 6%. By 2025, Russia's share decreased to roughly 7.5%, while US liquefied natural gas supplied around 21%. The existing infrastructure has helped buffer the system, although competition for LNG cargoes between Europe and Asia poses risks for winter stock shortages.

Rystad Energy also emphasized the overlap in diesel supply disruptions, where Ukrainian attacks on Russian refineries have led to a ban on Russian diesel exports. At the same time, the Hormuz crisis has reduced West Asian diesel supplies, driving US diesel costs to record highs.

Since February 2026, nearly 100 countries have taken measures like cutting fuel taxes, offering subsidies, or capping prices to protect consumers. Additionally, 60 countries have implemented demand-reduction strategies, with 34 making structural changes, including 26 that adopted electrification policies primarily in Europe and Asia.