The European Commission Union expects oil prices continue to rise
14-10-2020
The European Commission has predicted on Wednesday that oil prices will continue to rise despite from Covid-19. The European commission has pointed out in a report intitled (Energy prices and costs in Europe) that oil prices fell in 2020 were declined and movement restrictions that were caused by Covid-19 till mid-April 2020, when the oil leading producers agreed to cut production. Also, the report said that the prices have been rising since then and may continue to grow alongside increases in the global economic activity. However, the report mentioned that the oil prices are not expected to rise the values that were registered in 2019 before 2021. Also, the report added that the coronavirus has accelerated the growing penetration of renewable energy into the market, which was contributed to reduce the presence of coal and gas in different fuels used to generate electricity. The report also pointed out that in 2018, 69 percent of oil the total of European Union’s import bill with 27 percent of gas and four percent of hard coal. Oil and gas prices began to fall at the end of 2019, which helped to reduce the European’s Energy bill. Today the European Commission, has adopted a serious energy policy proposals and report to achieve the European Communities green plan deal at the end of 2019 and climate neutrality by 2050 and emissions reduction targets by 2030.
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