The energy crisis triggered by the Russian invasion of Ukraine seems almost distant. Over the past year, oil and gas prices have plunged. Natural gas, which had reached unprecedented highs in Europe in August 2022, at more than 345 euros per megawatt hour (MWh), has recently slipped below 27 euros. A level close to the prices of the last decade.
The barrel of Brent, the international oil benchmark, fell from more than $ 122 last June to less than $ 72 last week. The slope is less steep for black gold, which has nevertheless returned to its pre-war level in Ukraine.
This slide infuriates producing countries, in particular Saudi Arabia, the world's largest exporter and leader, with Russia, of OPEC+. At the end of a weekend of heated discussions within the cartel that brings together 23 exporting countries and pumps 40% of the world's crude, Riyadh announced on Sunday a further reduction, for Saudi Arabia alone, in July, of...
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