Global energy markets are changing a lot. This is because of world politics and how much energy is available. New actions by the United States against Venezuela have made oil prices uncertain. Also, more liquefied natural gas (LNG) will be available soon. This will change the gas market. The US Federal Reserve might change interest rates again. People still use a lot of fossil fuels. These things affect the economy and the environment.
On Monday, oil prices went up. The West Texas Intermediate (WTI) crude oil reached $57.65 per barrel. Experts think this is because the US is stopping more oil from Venezuela. They say a Venezuelan oil ship was stopped. This makes people worry about less oil being supplied. A report about oil stocks will also be released soon.
People are using a lot of fossil fuels. This is called "energy addition." Many new liquid natural gas projects are approved. By 2030, about 300 billion cubic metres of new LNG will be ready each year. This is making gas prices in the US and Europe closer. European gas prices recently dropped.
The Federal Reserve's decisions also affect markets. Many expect interest rates to be cut soon. This could make the US dollar weaker. When the dollar is weaker, oil prices often go up. Saudi Arabia has started producing gas. However, OPEC+ will keep oil production the same.
But using so much fossil fuel is a problem for climate goals. Climate meetings have not shown enough action. The world is not on track to stop net emissions by 2050. Changing to clean energy is difficult. High electricity prices in Europe hurt businesses. Because of politics and fossil fuel use, oil use may stay over 100 million barrels per day for a long time.