Economies reopening after lockdowns and a consequent surge in travel have pushed crude oil prices to levels last seen years ago. Now, something else can push them even higher: the weather. Summer is hot in the Middle East. It is peak power consumption season as air conditioners become vital. This year, according to a Bloomberg report, consumption will be even higher than usual due to higher temperatures.
The report mentions electricity consumption in Kuwait, which this week hit a new record as summer began earlier than usual. The report also noted…A Scorching Hot Middle East Summer Could Send Oil Prices Soaring
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