We ignore these market signals at our peril," he said. "Through high prices and volatility, global energy markets are sending us a signal to increase investment. He added: "We are witnessing an unexpected and radical realignment of global energy flows unlike anything seen since the 1970s… Japan's presidency of the G7 will strengthen the world's focus on energy security as a top global priority."ĭuring the talk, McMonigle also highlighted the necessity of increased investments in the energy sector. "Energy security has re-emerged as an urgent priority for many governments, as they seek to secure reliable and affordable energy in this unsettling new geopolitical era," said McMonigle. IEF Secretary General highlights energy security threatĭuring the Japan Energy Summit, Joseph McMonigle, secretary general of the International Energy Forum said that energy security is one of the top-most priorities for many governments worldwide. US West Texas Intermediate crude futures rose 61 cents or 81 percent to $76.29 a barrel. The more active May contract firmed 17 cents to $82.21 per barrel. RIYADH: Oil prices were steady in Asian trade on Tuesday, supported by hopes a solid economic rebound in China will drive up fuel demand, offsetting worries about further US interest rate hikes potentially hurting demand in the world’s biggest economy.īrent crude futures for April, due to expire on Tuesday, gained 56 cents or 67 percent to $83.00 per barrel by 10.50 a.m.
0 Comments
Leave a Reply. |