site.btaExperts at Sofia Forum Say World Is Facing Its Biggest Energy Crisis

The world is facing its biggest energy crisis due to the closure of the Strait of Hormuz, experts agreed during the 17th Green and Energy Forum in Sofia, organized by Manager Magazine at the Inter Expo Center on Tuesday.

Preslav Raikov, commodities trading manager at Magic Flame Group, said the world is currently experiencing the biggest energy shock in history. According to him, the conflict in the Middle East has now continued for a third month, affecting economies worldwide.

"The impact is also being felt in Bulgaria. Many farmers woke up to fuel prices that are 40% higher, while fertilizers have also become more expensive. This creates uncertainty, and many agricultural producers do not know what their final costs will be," he said.

According to Boyan Rashev, energy expert and founder of the Mind Your Future platform, the world is in the midst of its biggest energy crisis, although its full effects are not yet being felt because countries are currently relying on reserves. He warned, however, that these reserves could last only until June.

"The countries that have long neglected the foundations of the global energy system will suffer the most," Rashev said.

Svetoslav Georgiev, director of the Geological Institute at the Bulgarian Academy of Sciences, said that as a net importer of oil, Bulgaria has no choice but to follow global oil prices, with the increase inevitably affecting end consumers.

Plamen Dimitrov, member of the board of the Bulgarian Geopolitical Society, said the shock from the oil shortage does not yet appear as severe because oil now accounts for a smaller share of global GDP than during previous energy crises.