The current scenario in the energy sector, with high prices and shortages, has led the European Central Bank to take a more serious stance regarding possible measures if inflation in the region continues to rise.

Currently, there is considerable concern and mistrust due to rising fuel prices, shortages, and increased electricity prices as a consequence of the Iran conflict.

In this regard, the Governor of the Bank of France and member of the ECB Governing Council, François Villeroy de Galhau, stated that “the institution will do whatever is necessary to bring inflation back to the 2 % target in the medium term.”

Amid the escalating conflict in the Middle East, Eurozone inflation rose to 3 % in April, up from 2.6 % in March. “The increase coincided with a surge in energy prices, particularly gasoline, diesel, and jet fuel, which have skyrocketed in recent months.”

The ECB’s main concern is that the effects of the war will spill over into key sectors for each country, such as “wages, inflation expectations, and pricing across the economy—what is known in monetary policy as second-round effects.”

M.Pino

Source: diariobitcoin

(Reference image source: Guillaume Périgois on Unsplash)

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Ángel Alvarado, economist and member of the Venezuelan Finance Observatory, stressed that the incentives that are being granted to the market, together with oil prices rise and the increase in the number of exports that are being developed, are the factors that allow forecasting economic growth for this year in Venezuela.

Alvarado expressed: “The economic incentives appeared; a market economy appeared, the productivity and the lifting of price control and exchange control, made many economic activities’ breath after so much time of restriction.”

It is evident that with the current Venezuelan environment there will be economic growth in the country during 2022, after “such a big collapse, especially in 2019, and also as a result of all the isolation that Venezuela had, the economy was somewhat liberalized.”

International organizations such as ECLAC, multilateral entities, as well as private firms and investment banks are making projections on economic growth and affirm that the “economy is going to grow this year.”

For the member of the Venezuelan Observatory of Finance, from a technical point of view the appropriate term is “economic growth” and not recovery. “If measured with respect to years prior to the pandemic, there is none, nor is there any with respect to the year 2012. -2013, which is the maximum GDP achieved by Venezuela.”

M. Rodríguez

Source: finanzasdigital.com

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Oil price registered a depreciation at the close of the day on July 15 due to the possibility that the OPEC+ alliance agreed to an increase in supply and after knowing an increase in gasoline reserves in the United States, which causes concerns about the product demand.

The price of a barrel of Brent crude closed last day, for the London futures market, at 73.47 dollars, which represents 4.3 %. Crude from the North Sea, a benchmark in Europe, fell 3.3 dollars compared to the previous day, while that of Texas also closed down, reaching 71.65 dollars, which represents 2.02 % less.

The New York Mercantile Exchange also posted a $ 1.48 drop in WTI futures contracts. For their part, gasoline contracts due in August fell 4 cents to $ 2.25 per gallon, while natural gas contracts, for delivery in the same month, fell 5 cents to $ 3.61 thousand cubic feet per gallon.

The market continues to wait for OPEC and its partners (OPEC+) to agree on the level of pumping for the coming months, after cutting production last year to stabilize prices in the face of falling demand due to the pandemic.

M. Rodríguez

Source: bancaynegocios.com

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