Brent Crude

Written by: Marwa Al-Ghoul

Wednesday, November 22, 2023 02:00 PM

Europe faces the winter of 2023-2024 with renewed confidence in its ability to ensure energy security, despite growing concerns arising from the loss of Russia as one of its main energy suppliers. This security is due to a series of coordinated measures and a future vision that prompted the European Union to take concrete measures to strengthen Its flexibility in the field of energy.

The crisis in Ukraine and geopolitical tensions with Russia have raised concerns across Europe about the vulnerability of its energy supplies. For many years, the EU’s dependence on Russian oil and gas imports has been an issue of concern, but recently, the issue has become more urgent. However, it has not The European Union remains passive and has taken decisive steps to confront these challenges.

One of the main strategies has been to promote the diversification of energy supplies. The European Union has made every effort to develop alternative routes and infrastructure for energy imports, thus reducing its dependence on a single source of supply. The construction of gas pipelines and the expansion of liquefied natural gas terminals in Europe have contributed to this diversification.

Investments in renewable energy and energy efficiency were also a key part of the EU strategy that switching to cleaner and more sustainable energy sources not only reduces dependence on fossil fuels, but also contributes to the fight against climate change.

Oil markets have declined approximately 20% since late last September, as crude oil production in the United States, which is the largest producer in the world, remained at record levels, while the market was experiencing a state of concern about the growth of demand, especially from China, the number one importer of oil.

Written by – Marwa Al-Ghoul

Sunday, November 19, 2023 02:00 PM

Oil prices in global markets recorded weekly losses for the fourth week in a row, as Brent, the global benchmark, declined by about 1%, and US West Texas Intermediate (US) crude fell by about 1.6%.

Oil prices recorded $80.61 per barrel for Brent crude futures, and US West Texas Intermediate crude futures recorded $75.89 per barrel upon settlement on Friday, as prices rose by more than 4%, but recorded weekly losses for the fourth week in a row..

The US State Department announced that it is working in coordination with China on all issues related to sanctions against Russia and the price ceiling imposed on Russian oil..

US Assistant Secretary of State for Energy Affairs, Jeffrey Pyatt, said during a press conference on Thursday: “I would like to point out that we have very close coordination with the Chinese allies on all these issues about the price ceiling and the sanctions regime.”“.

This came in response to a question about the United States’ work in the Asia-Pacific region regarding sanctions against the Russian energy sector.

Regarding the price ceiling, Bayat pointed out that “the American authorities are working with a coalition of partners on the price ceiling, and are fully committed to implementing the price ceiling and doing everything in their power to reduce Russia’s revenues from fossil fuels.” He added that Washington considers the price ceiling mechanism “effective.”“.

It is noteworthy that the G7 countries, the European Union and Australia imposed a ceiling on Russian oil prices at the level of $60 per barrel in December 2022, and in February 2023 on oil derivatives at a level between $45 and $100..

Russia refused to adhere to the price ceiling imposed on it. Russian President Vladimir Putin signed a decree banning oil supplies to foreign parties that adhere to price ceilings, effective February 1.