Oil shockAs if the pandemic were not enough, now comes higher crude oil prices. Whether OPEC+ will allow oil to breach the $100 per barrel mark will only be determined by considering that an oil shock too severe for the world could backfire on its long-term plans. These interventions, however, are not expected to hold when the impact of higher crude prices is felt. Shifting energy landscapeThe current oil shock that the world is confronting brings back memories of the 1970s when OPEC, led by Saudi Arabia, imposed an oil embargo on countries that supported Israel in the Yom Kippur War. For many, a deliberate reduction of coal use is compounded by lower energy availability from wind and solar farms.

Source: Philippine Star October 06, 2021 16:12 UTC