2023-09-26 16:50:12
Prices have risen by regarding 30% since the middle of this year, driven by a shortage of supplies in global markets
TOKYO – Archyde.com: Oil prices fell in early trading, yesterday, Tuesday, amid fears that the demand for fuel will be affected by major central banks keeping interest rates high for a longer period, even as supply is expected to be tight.
Brent crude futures fell 11 cents to $93.18 per barrel by 00:55 GMT, and US West Texas Intermediate crude futures fell one cent to $89.67.
In the past few days, the US and European central banks have confirmed their commitment to combating inflation, indicating that the monetary tightening policy may continue for a longer period than expected.
High interest rates slow economic growth, reducing demand for oil.
While supply remains tight with Russia and Saudi Arabia extending production cuts until the end of the year, Moscow on Monday eased its temporary ban on gasoline and diesel exports, which had been issued separately to stabilize the domestic market.
“Contracting oil supplies may outweigh macroeconomic challenges,” ANZ Research said in a note. We expect oil to trade above $90 per barrel during the week.”
JPMorgan said that oil prices have risen by regarding 30% since the middle of the year, mostly driven by a supply shortage, which has erased half a percentage point from global GDP growth in the second half of 2023.
“Energy Agency”: The world needs $4.5 trillion annually to transition to clean energy
The International Energy Agency said that record growth in clean energy technology, especially solar panels and electric cars, means that it is still possible to limit global warming to 1.5 degrees Celsius. But it also said that the world needs to invest approximately $4.5 trillion annually in switching to Clean energy from the beginning of the next decade, up from $1.8 trillion in spending expected in 2023.
Temperatures have reached record highs this year and the average global temperature rise is 1.1 degrees Celsius above the pre-industrial average.
The agency also called for reducing methane emissions in the energy sector by 75% by 2030, which would cost regarding $75 billion, or only 2% of the net income of the oil and gas sector in 2022.
“Governments must separate climate from geopolitics, given the scale of the challenge we face,” said Fatih Birol, director general of the agency.
Egypt awards 4 oil and gas exploration areas to 4 companies
The Egyptian Ministry of Petroleum announced yesterday, Tuesday, the award of four areas in a global auction to search for and exploit natural gas and crude oil in the Mediterranean Sea and the Nile Delta to the Italian company Eni, BP, Qatar Energy, and Russian Zarubyzh Neft.
Eni will obtain two zones on its own and a third in an alliance with BP and Qatar Energy, while Zarubez also obtained a zone.
A statement by the ministry, a copy of which was received by Al Arabiya.net, stated the results of the global auction, which closed in mid-July, stated that the minimum investments “in the exploration periods are estimated at approximately 281 million dollars, in order to drill a minimum of 12 wells during the exploration stages, in addition to 7.5 million dollars.” Dollar grant signature.”
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