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The chief executive of Saudi Aramco, the world’s biggest energy company, is reported to have withdrawn from a major energy conference in Houston, as the situation in the Middle East threatens to escalate further.
The oil is relatively calm this morning, so far anyway.
Oil prices are higher this morning as risks build that regional energy infrastructure could suffer further damage, potentially triggering a larger and more prolonged energy shock.
The IEA’s Fatih Birol warned last week that this conflict could be the “greatest threat to global energy in history”—which can also be read as a reminder of the urgency to accelerate alternative energy efforts.
Continue reading…Rolling coverage of the latest economic and financial newsMiddle East crisis live: Starmer calls emergency meeting on UK economy; IEA open to releasing more oil stocksThe chief executive of Saudi Aramco, the world’s biggest energy company, is reported to have withdrawn from a major energy conference in Houston, as the situation in the Middle East threatens to escalate further.The oil is relatively calm this morning, so far anyway.Oil prices are higher this morning as risks build that regional energy infrastructure could suffer further damage, potentially triggering a larger and more prolonged energy shock.The IEA’s Fatih Birol warned last week that this conflict could be the “greatest threat to global energy in history”—which can also be read as a reminder of the urgency to accelerate alternative energy efforts. Continue reading…