Turmoil looms in the West as oil hits 2023 high

Rising energy prices, driven by factors such as extended production cuts and deteriorating ties between the US and Saudi Arabia, will have negative consequences for Europe, potentially impacting support for Ukraine and slowing down efforts to reduce carbon emissions.

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9/2/2023

EU economics chief says Europe is gripped by a ‘double crisis’ — but it can avoid a recession

Europe is facing a "double crisis" due to the geopolitical impact of Russia's invasion of Ukraine and the subsequent economic hit, but the region can avoid a recession by securing alternative energy supplies and providing relief to consumers facing high energy costs.

9/4/2023

Germany is the 'sick man of Europe' — and it's causing a shift to the right, top economist says

Germany is facing economic challenges and high energy prices, which have led to concerns about its energy strategy and the rise of right-wing parties, potentially impacting Germany's ability to achieve its sustainability goals and causing businesses to move operations to countries with cheaper energy.

9/9/2023

OPEC+ Supply Cuts Drive Oil Prices Higher, Risk Stoking Inflation Despite Fragile Demand

The tightening of oil supply and the alliance between Saudi Arabia and Russia to push for higher prices raises concerns for consumers as fuel costs surge, potentially impacting the global economy and inflation rates.

9/9/2023

Oil Prices Surge as Saudi Arabia and Russia Limit Supply While Demand Remains High

The price of oil is surging as Saudi Arabia and Russia cut output, creating a supply deficit that is driving up prices and threatening a fragile global economy with inflation and potential interest rate hikes.

9/11/2023

Rising Oil Prices Threaten Higher Inflation and Interest Rates Despite Economic Slowdown

The extension of voluntary oil production cuts by Saudi Arabia and Russia has caused oil prices to surge above $90 a barrel, threatening an inflationary spike that could disrupt central banks' plans to wind down interest-rate hikes, particularly for the Bank of Canada.

9/17/2023

OPEC Cuts Exacerbate Global Energy Crisis, Fueling Inflation and Shortages

The International Energy Agency warns of a deepening oil market deficit in the fourth quarter due to extended Saudi and Russian production cuts, leading to diesel shortages and higher fuel prices impacting sectors such as construction, transport, and farming.

9/18/2023

Market Volatility Ahead as Central Banks Meet and Energy Prices Climb

European markets are pessimistic ahead of central bank meetings, energy prices raise the risk of secondary inflation, and the US dollar is gaining strength, which may negatively impact precious metals and cryptocurrencies.

9/18/2023

Gas Prices Spike Raises Recession Fears, But Inflation May Ease as US Production Ramps Up

Gasoline prices are rising due to oil supply cuts in Saudi Arabia and Russia, as well as flooding in Libya, but some experts believe that increasing oil prices will not have a significant impact on the US economy and do not expect them to rise much higher in the next year or two due to factors such as increased US oil production, slow global economic growth, and the green energy transition. However, high oil prices can lead to higher inflation, potential recession, and could influence the Federal Reserve to raise interest rates, but the impact may not be as severe as in the past, and some experts recommend investing in the energy transition and adopting a more defensive investment strategy.

9/22/2023

Ukraine War Slows European Growth, Fuels Inflation: Study

The war in Ukraine has significantly impacted European economic growth and increased inflation, with the Swiss National Bank stating that the consequences are likely to worsen in the medium-to-long term, according to a study.