Finance

The world will not be able to live without oil, demand will grow, OPEC believes

The organization raised the forecast for oil demand in 2023, as well as expectations from the oil market until 2045. It also named the amount of investment needed in the sector - $12.1 trillion by 2045.

The key year for OPEC is 2035. World oil consumption is projected to rise 13% to 109.5 million barrels per day. Demand for black gold is now falling due to recession risks. But in 12-13 years OPEC expects a full recovery of the market.

Interesting. This goes against the expectations of many traders and companies that oil demand will peak at the end of this decade. Moreover, this is partly a signal that oil cannot be replaced in the energy market by renewable sources.

ECB tries to save EU economy - central bank will be flexible in reinvesting PEPP program

The pandemic has left persistent vulnerabilities in the eurozone economy that contribute to the uneven normalization of our monetary policy among different countries, the ECB said. The ECB has instructed Eurosystem committees and ECB services to accelerate the development of a new mechanism to combat fragmentation. Why it matters. Rising

Price for oil price cap yet to be determined, head of European Commission

"The EU is ready in principle to go to the oil price cap," von der Leyen added. Earlier, the head of the U.S. Treasury Yellen said that the U.S. is not against the purchase of oil by India above the price cap. The WSJ also reported citing sources

U.S. officials forced to roll back plan to limit Russian oil prices - Bloomberg

India and China - Russia's most important trading partners - will not participate, Bloomberg sources said. The price cap plan is still alive after all. However, the price cap will be higher than previously thought. Earlier, U.S. Treasury Secretary Yellen said the price ceiling could be in the range

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