Chinese Economic Rebound Might Trigger Upsurge in Global Energy Prices
CC0 / / Oil Derrick in TexasCC0 / / SubscribeInternationalIndiaAfricaAndrei DergalinAll materialsWrite to the authorTurkish economist and head of the International Energy Agency Fatih Birol has warned that energy prices might go up in the coming months.During an interview with a British media outlet, Birol has indicated that Beijing's economic uptick will likely push energy prices higher."In a scenario where the Chinese economy is very strong, buys a lot of energy from the markets, and we have a harsh winter, we may see strong upward pressure under natural gas prices, which in turn will put an extra burden on consumers," the IEA boss said.Birol reportedly suggested that countries such as the UK should "continue to push measures to save energy” and consider "alternative energy options," adding that blackouts during the winter period may occur."We do not know yet how strongly the Chinese economy will rebound," he remarked.Following the launch of Russia’s military operation in Ukraine l
CC0 / /
Subscribe
Turkish economist and head of the International Energy Agency Fatih Birol has warned that energy prices might go up in the coming months.
During an interview with a British media outlet, Birol has indicated that Beijing's economic uptick will likely push energy prices higher.
"In a scenario where the Chinese economy is very strong, buys a lot of energy from the markets, and we have a harsh winter, we may see strong upward pressure under natural gas prices, which in turn will put an extra burden on consumers," the IEA boss said.
Birol reportedly suggested that countries such as the UK should "continue to push measures to save energy” and consider "alternative energy options," adding that blackouts during the winter period may occur.
"We do not know yet how strongly the Chinese economy will rebound," he remarked.
Following the launch of Russia’s military operation in Ukraine last year, the United States and its allies have imposed a large number of economic sanctions on Russia, including those targeting the country’s oil and gas exports.
While these sanctions failed to cripple the Russian economy, they ultimately led to a drastic increase in already high fuel and energy prices in the very countries that enacted these punitive measures.
What's Your Reaction?
