Will tensions within the Center East result in one other market value shock in Europe? Power analyst Dr Yousef Alshammari shares his outlook on oil costs with Euronews Enterprise.
Oil costs have been on a downward trajectory, regardless of gaining some value assist on Thursday (19 September) following the US Federal Reserve’s resolution to chop its benchmark rate of interest by a half-point.
Furthermore, analysts and economists have been monitoring rising tensions within the Center East that might additionally affect provide.
On the time of writing, Brent crude was up 1.2% at $74 (€66) a barrel, whereas US WTI was buying and selling up 1.2% at round $71 (€63) a barrel. Nevertheless, each benchmarks have fallen about 13% within the third quarter.
Power analyst, Dr Yousef Alshammari, stated there are numerous components impacting oil markets however stated Europe is unlikely to see the value shock witnessed in 2022 after the Russia-Ukraine battle started as there are extra suppliers out there now.
Dr Alshammari additionally shared his ideas on what Europe must do to make itself extra aggressive because it continues to grapple with excessive power costs.
“The power problem is just not new to Europe however what we’re seeing is over formidable local weather targets. I consider this has pushed the place the investments are going to go in Europe…I consider Europe must first set real looking targets to the power transition.
“We additionally must put money into the safety of power – right here I imply fuel and nuclear. With out pure fuel and nuclear, I consider power safety in Europe will proceed to be risky. Whether or not it’s dependence on Russia or fluctuations in oil costs,” he instructed Euronews Enterprise.
Dr Alshammari additionally stated the third problem is unity amongst member states.
Watch the complete interview above.