Due to the conflict in Israel, oil prices have risen by 4%, leading to an increase in fuel prices.
Date：10-13 158 Belong to：News Information
Due to new hostilities in the Middle East, benchmark crude oils Brent and West Texas Intermediate (WTI) have both surged more than 4%, halting the recent downward trend in oil prices.
Analysts caution that if the conflict between Israel and Hamas escalates further, oil prices could continue to rise, impacting fuel costs for shipping.
Data from Ship&Bunker shows that fuel prices at most major bunkering ports increased yesterday, reversing the recent downward trend in prices.
In the past week, oil prices saw significant declines due to concerns over inflation and weak demand. Reports earlier suggested that Saudi Arabia, the world's largest oil producer, might be preparing to increase daily production by 1 million barrels from the current 9 million barrels. Saudi Arabia and Russia have been adhering to a voluntary production cut strategy, which is expected to continue at least until the end of this year.
The Organization of the Petroleum Exporting Countries (OPEC) released its "World Oil Outlook 2023," which notably differs from forecasts by the International Energy Agency (IEA). OPEC projects global oil demand to reach 116 million barrels per day by 2045, up from 99.6 million barrels per day in 2022. The organization states that this forecast is about 6 million barrels per day higher than last year's estimate and could require $14 trillion in investments, up from last year's $12.1 trillion.
In the preface of the latest report, OPEC Secretary General Haitham Al Ghais revealed, "Recent developments have prompted the OPEC team to reassess what each energy can provide, focusing on pragmatic and realistic choices and solutions. Calls to stop investing in new oil projects are misguided and could lead to energy and economic turmoil."
In stark contrast, the International Energy Agency recently stated that the world is at the "beginning of the end of the fossil fuel age."
Analysts caution that if the conflict between Israel and Hamas escalates further, oil prices could continue to rise, impacting fuel costs for shipping.
Data from Ship&Bunker shows that fuel prices at most major bunkering ports increased yesterday, reversing the recent downward trend in prices.
In the past week, oil prices saw significant declines due to concerns over inflation and weak demand. Reports earlier suggested that Saudi Arabia, the world's largest oil producer, might be preparing to increase daily production by 1 million barrels from the current 9 million barrels. Saudi Arabia and Russia have been adhering to a voluntary production cut strategy, which is expected to continue at least until the end of this year.
The Organization of the Petroleum Exporting Countries (OPEC) released its "World Oil Outlook 2023," which notably differs from forecasts by the International Energy Agency (IEA). OPEC projects global oil demand to reach 116 million barrels per day by 2045, up from 99.6 million barrels per day in 2022. The organization states that this forecast is about 6 million barrels per day higher than last year's estimate and could require $14 trillion in investments, up from last year's $12.1 trillion.
In the preface of the latest report, OPEC Secretary General Haitham Al Ghais revealed, "Recent developments have prompted the OPEC team to reassess what each energy can provide, focusing on pragmatic and realistic choices and solutions. Calls to stop investing in new oil projects are misguided and could lead to energy and economic turmoil."
In stark contrast, the International Energy Agency recently stated that the world is at the "beginning of the end of the fossil fuel age."
