Where things stand in the global energy crisis one year on

It’s almost one year since Russia invaded Ukraine, an act that delivered a massive shock to global energy markets and a crippling blow to Russia’s relationship with its biggest customer, the European Union.
 
On the eve of its invasion of Ukraine, Russia was by far the world’s largest exporter of oil and natural gas to global markets. And the European Union was buying around 50% of Russia’s oil exports and over 60% of its gas exports. The International Energy Agency had been warning persistently for months before the invasion that Russia was distorting natural gas markets by reducing its deliveries to Europe, driving up prices at exactly the same time as tensions were rising over Ukraine.