Amman:According to Jordan News Agency, ongoing regional tensions, the Russia-Ukraine conflict, and disruptions to transport and supply routes are exerting increasing pressure on global energy markets, leading to higher oil and gas prices. Economic expert Munir Diyeh emphasized that these prolonged crises are likely to keep global oil prices elevated, particularly with the rising energy demand as winter approaches.
Diyeh attributed the price pressures to damage affecting refineries, production, and supply lines, alongside challenges in transporting energy to global markets. He highlighted that disruptions to strategic reserves in major industrialized countries, along with concerns over oil supplies and reduced shipping through critical channels like the Bab al-Mandab and Strait of Hormuz, have impacted freight movement and driven up marine insurance costs.
These factors have contributed to tighter global energy supplies and increased prices, limiting some countries' ability to meet market demand at pre-crisis levels. Diesel, in particular, has been significantly impacted due to reduced refining capacity at several refineries. Diyeh pointed out that global diesel demand is rising because of its extensive use in transport, industry, and other sectors, while production and refining capacities continue to face pressures.
The anticipated increase in global diesel demand with the onset of winter could potentially drive prices higher. Diyeh concluded that ongoing disruptions to refineries and supply lines would remain critical factors influencing the global diesel market.