Deepened OPEC are triggering a surge in global energy prices, causing inflation to spike and putting significant pressure on industries dependent on hydrocarbons.
These inflation figures show how precarious any economic balance is, even in the world's largest economy, when energy markets are imbalanced. They also show that forecasts of imminent peak oil demand are better taken with a pinch of salt. this week that U.S. industries dependent on hydrocarbons are feeling the pinch from higher fuel prices. Construction, transport, and farming are all suffering because of higher fuel prices, especially diesel.
In Europe, meanwhile, inventories of middle distillates were 8% lower than the ten-year average for August. That 8% translates into 35 million barrels. Saudi Arabia's oil production cuts announced in the summer certainly aggravated the situation—the Saudis mostly cut heavier crude grades that are used to make middle distillates. So did Russian export cuts. But there was another reason why the world's middle distillate stocks are so much lower than normal: there are not enough refineries.
All this means the pain that U.S. construction companies and European freight transport firms are feeling is not going to let up anytime soon. It may even worsen as heating season begins and demand for fuel oil increases.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Women's charity cuts ties with Russell Brand after allegations against comedian‘We have ended our association with Russell Brand.’
Read more »
Life-changing service for young people under threat amid funding cutsA life-changing befriending and mentoring charity for children and young people is under threat amid budget cuts.
Read more »
Women’s charity cuts ties with Russell Brand after allegations of rape and abuseAllegations against the comedian were aired in a Channel 4 Dispatches special titled Russell Brand: In Plain Sight.
Read more »
Women’s charity cuts ties with Russell Brand after allegations of rape and abuseAllegations against the comedian were aired in a Channel 4 Dispatches special titled Russell Brand: In Plain Sight.
Read more »
Women's charity Trevi cuts ties with Russell BrandTrevi said it was 'deeply saddened and upset' by the stories in the Channel 4 Dispatches programme.
Read more »
Women’s charity cuts ties with Russell Brand after allegationsThe 48-year-old actor and comedian is also facing claims of controlling, abusive and predatory behaviour
Read more »