Shadows of Energy Turmoil
The war in Ukraine, which is expected to last for years, continues to put pressure on the world economy. Energy supply, as one of the important tools in the economic war, is at risk of continuing uncertainty.
(FILES) In this file photo taken on March 18, 2022 an employee checks a pipe at the construction site of a gas metering station, part of the pipeline link between Bulgaria and Greece near the village of the Malko Kadievo, on March 18, 2022. - Poland and Bulgaria are now receiving gas from their EU neighbours after Russia's state energy giant Gazprom turned off the taps, European Commission head Ursula von der Leyen said on April 27, 2022.
A year has passed, but there are no signs that the war in Ukraine will end. Instead of stopping, the escalation of the proxy war between the United States and Russia has the potential to prolong the global energy price turbulence, raising uncertainty for industry players.
The end of 2022 was marked by the declining trend in the prices of various energy commodities. Short-term estimates published by the US Energy Information Administration (EIA) on 7 Feb., 2023 show that the average world consumption of liquid fuels throughout 2023 will increase, from 99.36 million barrels per day (mmb/d) in 2022 to 100.47 mmb/d n 2023.