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so that The World Bank In his latest report, he expected energy prices to rise by more than 50 percent this year, on the impact of continued Russo-Ukrainian warwhich may accelerate if the European Union countries adopt a ban on imports Russian oil.
With Ukraine announcing on Wednesday that it would suspend the flow of Russian gas passing through a transit point, it said it transports nearly a third of the fuel transported from Russia to Europe, and blamed Moscow for the move, saying it would move the flows elsewhere.
Ukraine remains a major transit route for Russian gas supplies to Europe, even after the Russian attack on its territory.
As a result, gas prices in Europe rose, on Wednesday, exceeding $1,100 per thousand cubic meters, after this Ukrainian announcement.
Economists fear that the worst may not have come yet in light of the continuation of the war and the lack of signs to stop it soon, which means, according to them, the continuation of this upward rise in energy and food prices, which will lead to a deepening economic crisis around the world, and threatens to spread high prices, poverty and hunger, especially in developing and poor regions, which will pay the largest tax.
Observers and experts believe that the only way to stop the catastrophic economic repercussions of the Ukrainian war on the stability of global oil and gas markets, and the scarcity of resources, commodities, fuels and fertilizers that it triggered, high prices, inflation, obstruction and slowing down supply chains around the world, is by stopping the war and consequently the mutual sanctions between Russia and Western countries.
Commenting on the widening negative effects of this war on the Energy security in the worldAmer Al-Shobaki, an economist and specialist in the oil and energy sector, said in an interview with Sky News Arabia: "These rises in gas and oil prices are record in Europe and around the world, and the worst is that they appear to be upward, as is the case with the rise in gas prices in countries European Union Especially after cutting off Russian gas from Poland and Bulgaria and after Kyiv’s decision to stop its passage through Ukrainian territory, in addition to the fact that the increase in oil prices, for example, has continued since last year, which puts us in front of an increase over two years, the largest since the 1973 crisis in this context".
There will be no doubt for these expected increases in energy prices In general, direct and indirect effects on the global economy, according to the economist, who adds: "In the immediate term, global inflation rates will rise, which will lead to a rise in consumer prices, in addition to the fact that the World Bank also expects food prices to rise by very large rates during the current year.".
Al-Shobaki adds: "International warnings are natural and expected to a large extent, but what was not expected was the reference, for example, by the World Bank to the fact that the prices of energy and its derivatives, as well as food and main consumer commodities, will remain high over the next three years, in a very dangerous indication that the world is heading towards a sharp decline in economic growth rates, and perhaps Reaches the point of economic stagnation until".
He added: "This raises the concerns of politicians and financial policy makers around the world, especially the US Federal Reserve, which has raised interest rates by large rates twice since the beginning of the year, the first by a quarter of a percentage point and the second by half a percentage point, and it intends to launch new packages to raise the interest rate, so that the total may reach These hikes to 2.5 percentage points are all in an effort to rein in high inflation".
Fear is now around the world, as the economist explains: "Is entering a stage stagflation In the event that prices remain high in this way, given the price increases for raw materials and their derivatives in the energy and food sectors, which are associated with a decrease in economic growth and the impact of economic growth, scarcity of resources, high prices and damage to supply chains, and therefore it is difficult to identify the consequences of this chronic global economic crisis, which is negatively reflected on various facilities Life and its sectors".
The expert specialized in the energy and oil sector continues: "A Stanford University research study warns that even if the war in Ukraine stops today, its repercussions and effects will accompany the world for the next two years, let alone that the war is raging and there are no signs of stopping it, at least in the foreseeable future, and it is even developing into a Russian-Western war".
For example, Al-Shobaki adds: "scale down International Monetary Fund Global economic growth forecast from 4.4 to 3.9 percent, and this rate of decline is likely to continue with the continuation of the Ukrainian war and the widening of the confrontation between Moscow and Washington".
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so that The World Bank In his latest report, he expected energy prices to rise by more than 50 percent this year, on the impact of continued Russo-Ukrainian warwhich may accelerate if the European Union countries adopt a ban on imports Russian oil.
With Ukraine announcing on Wednesday that it would suspend the flow of Russian gas passing through a transit point, it said it transports nearly a third of the fuel transported from Russia to Europe, and blamed Moscow for the move, saying it would move the flows elsewhere.
Ukraine remains a major transit route for Russian gas supplies to Europe, even after the Russian attack on its territory.
As a result, gas prices in Europe rose, on Wednesday, exceeding $1,100 per thousand cubic meters, after this Ukrainian announcement.
Economists fear that the worst may not have come yet in light of the continuation of the war and the lack of signs to stop it soon, which means, according to them, the continuation of this upward rise in energy and food prices, which will lead to a deepening economic crisis around the world, and threatens to spread high prices, poverty and hunger, especially in developing and poor regions, which will pay the largest tax.
Observers and experts believe that the only way to stop the catastrophic economic repercussions of the Ukrainian war on the stability of global oil and gas markets, and the scarcity of resources, commodities, fuels and fertilizers that it triggered, high prices, inflation, obstruction and slowing down supply chains around the world, is by stopping the war and consequently the mutual sanctions between Russia and Western countries.
Commenting on the widening negative effects of this war on the Energy security in the worldAmer Al-Shobaki, an economist and specialist in the oil and energy sector, said in an interview with Sky News Arabia: “These rises in gas and oil prices are record in Europe and around the world, and the worst is that they appear to be upward, as is the case with the rise in gas prices in countries European Union Especially after cutting off Russian gas from Poland and Bulgaria and after Kyiv’s decision to stop its passage through Ukrainian territory, in addition to the fact that the increase in oil prices, for example, has continued since last year, which puts us in front of an increase over two years, the largest since the 1973 crisis in this context.
There will be no doubt for these expected increases in energy prices In general, direct and indirect effects on the global economy, according to the economist, who adds: “In the immediate term, inflation rates will rise globally, which will subsequently lead to raising the prices of consumer goods, in addition to the fact that the World Bank also expected a very large increase in food prices during the current year.”
Al-Shobaki added: “International warnings are natural and expected to a large extent, but what was not expected was the reference, for example, by the World Bank to the fact that the prices of energy and its derivatives, as well as food and main consumer commodities, will remain high over the next three years, in a very dangerous indication that the world is heading towards a sharp decline in rates. economic growth, and may even reach the stage of economic stagnation.
He added, “This raises the concerns of politicians and financial policy makers around the world, especially the US Federal Reserve, which has raised interest rates by large rates twice since the beginning of the year, the first by a quarter of a percentage point and the second by half a percentage point, and it intends to launch new packages to raise the interest rate, so that These hikes could total up to 2.5 percentage points, all in an effort to rein in high inflation.”
Fear is now around the world, as the economist explains: “It is to enter a phase stagflation In the event that prices remain high in this way, given the price increases of raw materials and their derivatives in the energy and food sectors, which are associated with a decrease in economic growth and the impact of economic growth, scarcity of resources, high prices and damage to supply chains, and therefore it is difficult to identify the consequences of this chronic global economic crisis, which is negatively reflected on various facilities life and its sectors.
And the expert specializing in the energy and oil sector continues: “There is a research study by Stanford University that warns that even if the war in Ukraine stops today, its repercussions and effects will accompany the world for the next two years, let alone that the war is raging and there are no signs of stopping it, at least in the foreseeable future, but that it It is developing into a Russian-Western war.”
For this, for example, Al-Shobaki adds: “Reduce International Monetary Fund The global economy is expected to grow from 4.4 to 3.9 percent, and this rate of decline is likely to continue with the continuation of the Ukrainian war and the widening of the confrontation between Moscow and Washington.