Bank of America estimates point to a drop in the price of a barrel of oil in 2025 to $65 per barrel due to an excess of supply and a decrease in demand, marked by the advance of clean energy.

According to Francisco Blanch, head of global commodities research at BofA, “the supply of crude oil in global markets will be abundant, avoiding price spikes similar to those of 2022 after the Russian invasion of Ukraine.”

This surplus has been contributed to by factors such as record US production (20% of global supply) and increased production in Venezuela and Iran.

Beyond OPEC+ production cuts, the intention to regain market share in the future remains. The bank maintains that oil production will increase significantly in Brazil, Guyana, Canada and Argentina in 2025. “This increase in supply, combined with a slowdown in demand, reinforces downward price projections.”

On the other hand, the decrease in demand from China, the world’s largest importer of crude oil, is marked by internal economic problems, such as the collapse of the real estate sector, and its transition to electric vehicles and cleaner energy.

JPMorgan adds in its report “Global Commodities 2025 Outlook”, the slowdown in demand growth of around 1.1 million barrels per day in 2025; “Brent will average $73 per barrel in 2025 and fall to $61 in 2026.”

M.Pino

Source: criptotendencia

(Reference image source: Documerica on Unsplash)

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John Kerry, US special representative for climate, announced that his country plans to increase its economic support for the month of June to help Egypt harness solar energy and reduce its dependence on fossil fuels, an important source of energy in the country of 100 million people.

The statements were made by the former US senator and former Secretary of State, in the Egyptian capital, also highlighting that “the United States was also working with Egypt on its own transition to a clean energy future.”

Kerry held a meeting with Egyptian Foreign Minister Sameh Shoukry in Cairo, where they discussed the priorities and goals of the 2022 United Nations Climate Change Conference, commonly known as COP27, as well as the availability of funds for that “developing countries implement the Paris Agreement on climate change reached in 2015”.

Egypt climate summit

The US representative, together with the Egyptian Foreign Minister, implemented a working group with the purpose of organizing the activities of the COP27 conference, scheduled in the Egyptian resort of Sharm el-Sheikh for next November.

Kerry said that the war situation between Russia and Ukraine does not affect the development of the COP27 conference because these events “will not change the reality of what is happening every day regarding our climate.”

The climate situation has become “an international threat to all of us”, Kerry pointed out, and emphasized that there is “no politics in this. There is no ideology in this.”

M. Rodríguez

Source: vozdeamerica.com

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The $ 1 billion fund was created by the Rockefeller and IKEA foundations to finance clean energy projects and for this year they plan to cut 1 billion tons of greenhouse emissions, as well as provide 1 billion people with electricity from renewable sources.

The organizations made the announcement in the framework of a ministerial meeting on energy, organized by the UN, where companies and governments present their responsibilities and new commitments in the field of the environment.

The CEO of the IKEA Foundation, Per Heggenes, says: “Our collective ambition is to create a platform that supports renewable energy programs that can deliver greenhouse gas reductions quickly and efficiently and accelerate the energy transition.”

For his part, the president of Rockefeller Rajiv J. Shah, argues that due to the pandemic “millions of lives and billions of dollars” have been dissipated, forcing people to return to poverty and the effects of “the climate crisis will do this. even worse, so we have to invest now to turn this spiral around.”

Clean energy by 2030

The meeting has been taking place, via Internet, since Monday the 21st and will remain until next Friday 25th with the participation of delegates from different countries, companies and organizations from around the world. During the opening, the Secretary of the UN, Antonio Guterres, asked to expedite the measures that facilitate universal access to energy by 2030 and meet the goals of the fight against climate change.

Within the framework of these activities, the largest internet company, Google, committed that by 2030 all its data centers and office campuses will operate with clean energy.

M. Rodríguez

Source: bancayfinanzas.com

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