Peak oil

Global oil demand will rise more than previously forecast this year as heatwaves and soaring gas prices are prompting countries to switch fuels for power generation, the International Energy Agency has said.    

Brent spot prices were approaching $120 earlier today on news that the EU managed to agree on an immediate embargo on 2/3 of oil imports from Russia. We saw Oil trading above current levels for just a couple of days in March.

The market is facing a new round of price hikes, as everything shows, with companies declaring themselves unable to contain rising production costs.

The energy crisis is triggering another "wave" of prices rises, causing consumer dissatisfaction, and causing a reduction in purchases to what is absolutely necessary, while many are buying cheaper, lower nutritional value products.

The Greek Minister of Development and Investments, Mr. Adonis Georgiadis, did not rule out taking new measures in ordert to alleviate households, since, as he said, our economy is doing very well and we can come up against any problem. But such a decision, he added, is up to the Greek Prime Minister.

Ljubljana – The opposition Left has demanded for the parliamentary committees on infrastructure and social affairs to meet for a joint emergency session due to soaring energy prices. One of their proposals is regulating gas and power prices for end users.

Ljubljana – Higher energy prices – the prices of natural gas, electricity and oil derivatives – are a major problem for the entire EU economy not just for Slovenian’s, Economy Minister Zdravko Počivalšek said in Ljubljana on Tuesday. The situation is being analysed and he hopes solutions will be found for each segment.

exacerbated fuel shortage crisis In the UK over the weekend amid "panic buying" from motorists so anxious that the government announced on Monday evening, it had asked the military to stand by for deliveries if needed.

The energy crisis is becoming global, Bloomberg predicts today. Countries are increasingly relying on natural gas for efforts to stop burning more coal and switch to cleaner energy sources. Countries are bidding to stockpile blue fuel, and exporters like Russia are restricting exports. The situation will worsen when temperatures drop, the agency predicts.

The International Energy Agency (IEA) has lowered its oil demand forecasts by the end of the current year and 2021 as a result of lower air fuel consumption due to the lower number of air passengers as a result of the second wave of coronavirus pandemic.

The country's oil refineries, which are directly linked to the global oil market, are having to manage an unprecedented situation as a result of the volatility created by the slump in demand due to travel restrictions enforced around the world to contain Covid-19 and which sector officials describe to Kathimerini as the absolute imbalance of supply and demand.