Oil prices in global markets achieved weekly gains, as the international benchmark Brent crude rose by 2.4%, and the US West Texas Intermediate crude rose by 3.4%.
And oil prices recorded $95.77 a barrel for the global benchmark Brent crude futures contract on Friday, and the US West Texas Intermediate crude futures contract recorded $87.90 a barrel.
The International Energy Agency, the leading global energy forecaster, predicts that demand for fossil fuels will peak this decade for the first time, as peak gas demand looms.
Even under the IEA’s least climate-friendly scenario, gas use will only grow slowly until 2030 before stabilizing, especially since last year’s report predicted continued growth until 2050.
According to international media reports: Russia’s war on Ukraine has driven up gas prices and prompted governments to accelerate the deployment of renewable energy, particularly in Europe, and to a lesser extent, the expected peak gas is due to countries temporarily returning to coal or oil due to higher prices.
Diesel supplies in Europe are facing major disruptions due to the loss of Russian oil, which is putting demand under pressure soon. Already.
“The shortage of petroleum products will lead to a rise in diesel prices in the coming months,” Repsol CEO John Emaze confirmed.
The Spanish newspaper “Economista” said that Europe has always been a net importer of medium distillates, with consumption generally rising at this time of year due to winter heating demand.