February 7, 2023

Dubai Week

Complete Dubai News World

Prol du Sky News Arabia: The world is facing a comprehensive energy crisis

Prol du Sky News Arabia: The world is facing a comprehensive energy crisis

On the sidelines of the World Economic Forum “Davos 2022”, Prowl said the world is facing a crisis. Energy Because The crisis in Ukraine We are working to avert a recession in the world economy. The CEO ofInternational Energy Agency To reduce demand Russian oilJ, because countries do not want to buy this oil.

Proul described the situation in the energy markets at this time as being “in the middle of a crisis”. “Today we have a crisis compared to the first energy crisis when the world saw a crisis in the oil markets in the 1970s.

He said the current crisis was “a major problem for the world economy, and if these changes continue, inflation will increase and challenges for developing countries will increase, and we must work to avoid stagnation in these economies.”

Pointing out that before the Ukrainian crisis, Russia was the largest exporter of oil and natural gas and a major contributor to the coal world, he said, “Russia has countries that do not want to buy oil and gas. There will be a corresponding shortage of goods.”

He stressed the importance of finding ways to increase the availability of petroleum products from many countries, such as the United States, Canada and other major suppliers in the Middle East.

Oil prices rose in early trade on Monday as US fuel demand, tight supplies and a slight fall in the dollar supported the market, with Shanghai preparing to reopen after a two-month shutdown, raising concerns about a sharp slowdown in growth.

Brent crude was up 82 cents at $ 113.37 a barrel at 0126 GMT, while West Texas Intermediate crude futures were up $ 1 to $ 111.28 a barrel, adding to last week’s small gains on both trades.

See also  Inflation nightmare

Stephen Innes, managing partner of SBI Asset Management, said: “Oil prices are supported because petrol markets are tight.
“Refineries will generally be a ramp-up system at gas stations to meet the great needs of American drivers,” he added.

The peak driving season in the United States traditionally begins on Memorial Day weekend in May and ends on Labor Day in September.