If Iran becomes involved, further tightening of sanctions may be considered. U.S. Treasury Secretary Janet Yellen told reporters in Morocco on Wednesday: “I have no thoughts regarding possible future actions.” “Of course, I don’t want to get ahead of myself right now.”
Investment bank Goldman Sachs said in a note Thursday that it expects Iran’s oil production to decline only slightly as a result of the conflict, with oil prices trading at $100 a barrel by the end of next year. He said that this was in line with his prediction.
“We view the risk as being slightly skewed to the downside compared to the current 3.25.” [million barrels a day] expected in 2024-2025,” the analyst said.
Dutch gas futures prices, the industry benchmark, rose to nearly 52 euros per megawatt hour on Thursday, a seven-month high and were nearly 37% higher than Friday’s prices at the close, due to a number of factors. This is due to
Israel on Monday ordered Chevron to halt gas drilling at its Temer oil field following rocket fire from Gaza, and the Finnish government on Wednesday investigated sabotage at an undersea gas pipeline running under the Baltic Sea. admitted that it was. However, both developments have had a limited impact on supply, with Europe’s gas reserves at almost 100 percent.
“The gas market is calm but tense,” Gloystein said, adding that an escalation in the conflict that threatens the region’s major LNG producers, such as Qatar, could push prices higher. he added.
“It doesn’t take long to culminate. We’ve had the Ukraine war, Russian gas supply cuts, oil cap sanctions, and now we have wars in the Middle East as well, and that’s a problem,” he said.
