March 29, 2023

Dubai Week

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Global oil prices are up 4% a week, with no improvement in the energy crisis

Global oil prices are up 4% a week, with no improvement in the energy crisis

Oil prices rose yesterday, rising by about 4% in one week, while the global energy crisis pushed U.S. crude prices to the highest level in nearly 7 years, while major energy consuming countries are struggling to meet demand.

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The CNBC Arab website said that despite the global increase in energy demand by recovering economic activity from the epidemic, OPEC and its allies will continue on the path of gradually reducing production cuts.

The U.S. government also said it was monitoring energy markets, but did not announce any immediate plans to take action to reduce prices, namely pumping out strategic reserves and supporting prices.

Brent crude futures are up 44 cents, or 0.5%, at $ 82.39 a barrel. Earlier in the week, Brent traded at $ 83.47 a barrel, its highest level in three years.

The U.S. West Texas intermediate crude futures rose $ 1.05 or 1.3 percent to $ 79.35, the closest it has been to U.S. crude since October 31, 2014.

Earlier today, US West Texas Intermediate crude rose above $ 80 a barrel.

Energy markets saw a shortage of commodities as demand for fuel increased, and economic activity recovered from the effects of the epidemic. Many fear that the cold winter will put more pressure on the natural gas supply.

China has ordered mines in inner Mongolia to increase coal production to ease the energy crisis.