The world has a “headache” because of energy

According to Reuters news agency, oil prices rose slightly on June 3 as markets rejected the Organization of the Petroleum Exporting Countries and its allies (OPEC +) decision to increase output and doubted whether output would increase from Will this source make up for the lost Russian source and meet China’s growing demand when Covid-19 restrictions are eased?

The US West Texas Intermediate (WTI) crude oil futures contract added 7 cents to $116.94 a barrel by 6:40 a.m. GMT (13:40 a.m. local time), while Brent’s WTI was up 18. cents, to 117.79 USD/barrel.

OPEC+’s decision to increase production to 684,000 bpd in July and August (the old level was 432,000 bpd) is said to be difficult enough for a tight market.

Australia’s new government is holding talks with oil and gas giants to discuss “how we can relieve immediate pressure on businesses and households”, ABC quoted the prime minister as saying. Australian General Anthony Alnanese. Australia is tightening its energy consumption after gas prices rose and has warned of the potential for power outages.

Oil extraction in Midland, Texas – Photo: REUTERS

The Australian energy market regulator, which regulates gas and electricity, had to impose limits on wholesale gas prices this week, with a warning of low stockpiles in major urban centers. major cities and the East.

Contributing to the shortfall was power outages at some aging coal-fired power plants as the weather got colder.

Associated Bloomberg The world needs $3.3 trillion a year in energy-related investments for the rest of the decade if it hopes to reach that level, International Monetary Fund (IMF) executive director Kristalina Georgieva said, citing International Monetary Fund (IMF) executive director Kristalina Georgieva. net carbon emissions by 2050.

She stressed that countries must find urgent ways to attract more climate finance, especially in emerging economies. According to estimates by BloombergNEF, $755 billion has been spent globally on the implementation of low-carbon technologies by 2021.