Banking crisis: Need for floor for energy prices! – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait News
- Date: 19-Mar-2023
- Source: Arab Times Kuwait
- Sector:Financial Services
- Country:Kuwait
Banking crisis: Need for floor for energy prices! – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait News
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The collapse of Silicon Valley Bank with its impact on other financial houses is going to have an impact on oil prices, with a drop of 10% in Brent and US oil below $70 crude a barrel since 2021. This coupled with mild weather in Europe that has led to comfortable stocks of energy, which will last may be till early part of the 3rd quarter of this year. With low demand on energy, and slower economic growth in anticipation of current financial outcome, oil prices are expected to go lower. This will lead us to find or to look for floor price for oil.Thus OPEC+ look and try to find a suitable formula.
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