Slower expected economic growth in developed nations pushed the International Energy Agency (IEA) to lower their forecast of global oil demand. The IEA cited contractionary monetary policies designed to curb inflation as the primary driver of lower oil demand. Oil demand is expected to grow, but at a much slower pace. China will account for about 70% of the continued growth.
Tag: oil
Oil and Natural Gas Prices Rise After Weekend of Turmoil in Russia (Micro News for June 24, 2023 – June 30, 2023)
Global oil and natural gas prices moved higher in trading on Monday June 26, 2023 due to uncertainty over supply disruptions caused by a Russian political insurrection over the weekend. Wheat prices also spiked for the same reason since Russia exports more wheat than any other nation and it continues to be the second largest oil exporter even in the face of western nation embargoes.
Germany to Fire Up Coal Stations as Russia Squeezes Gas Supply (Micro News for June 18, 2022 – June 24, 2022)
Germany’s Economy Minister Robert Habeck announced several measures designed to conserve the nation’s natural gas supplies and reduce consumption. The impetus for the announcement was Russia reducing natural gas flows through one of its pipelines supplying gas to Germany. Germany is attempting to wean the nation off of Russian gas and oil as a sanction imposed after Russia invaded Ukraine.
Some Democrats Want to Tax Big Oil’s Windfall. This Economist Says It Could Backfire (Macro News for June 18, 2022 – June 24, 2022)
Democrats and President Biden are still considering a “windfall profit tax on Big Oil.” However, one economist says the tax could do much more harm than good. Chief economist at Moody’s Analytics, Mark Zandi, stated the tax would create a disincentive for oil companies to continue exploration and produce more oil.
Pearson Economic News 