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aws账号(www.2km.me)_A perfect storm driving energy prices

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“There is rising concern among policy makers, analysts and economists that the higher fuel prices arising from a combination of inadequate production, supply disruptions and a global demand surge, will derail the projected global growth trajectory in 2022,” says Sunway University economics professor Dr Yeah Kim Leng.(file pic)

ENERGY prices in the form of oil, gas, and coal are escalating to their highest in seven years, and economies around the world are feeling the pinch.

The international benchmark Brent crude oil price is up more than 60% to US$85 (RM353) per barrel, while the price of natural gas has doubled.

Some quarters are expecting the crude oil price to touch US$100 (RM416) per barrel in the coming months as the winter season approaches.

Last month, Goldman Sachs raised its forecast for year-end Brent crude oil prices to US$90 (RM375) per barrel from US$80 (RM333), due to a faster fuel demand recovery. Goldman Sachs also said the current global oil supply-demand deficit is larger than it had initially expected.

Historically, energy prices have tended to have a temporary spike during the winter months due to higher consumption for heating systems.

But this time around, energy prices are also being driven by the rebound in economic activity from the Covid-19 pandemic as more economies are opening up with many companies scrambling to ramp up their production.AllianceDBS Research chief economist Manokaran Mottain says rising crude oil price bodes well for the government’s coffer as it has always been used as an important benchmark in its annual budget expenditure.

The perfect storm of higher energy prices and a supply shortage as oil producers kept their production tight, raises the question if it could slow down economic recovery.

Economists and analysts expect energy prices to sustain for the rest of 2021 and hence pose threats to economic recovery.

“There is rising concern among policy makers, analysts and economists that the higher fuel prices arising from a combination of inadequate production, supply disruptions and a global demand surge, will derail the projected global growth trajectory in 2022,” says Sunway University economics professor Dr Yeah Kim Leng.

“If the energy price level remains high through 2022, global growth will likely be dampened and import-dependent economies are expected to be more adversely affected.

“A faster deceleration of the global economy will likely ensue as the higher energy prices will have a knock-on effect on the prices of most goods and services, including transport, travel and logistic services,” he adds.

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