#oil-wealth-inequality

#oil-wealth-inequality

The war in Iran has created an energy shock in Africa, as the continent relies heavily on oil and gas imports from the Middle East.

The CPI data due this month will be the first hard measure of American consumer prices since the Strait of Hormuz became a conflict zone, and every early signal points to a number that will shock people who stopped paying attention to energy transmission mechanisms after 2022.

Dale Vince stated, 'We can ban exports from the North Sea. China have done it,' emphasizing the need for prioritizing domestic consumption during fuel shortages.

"A more decentralized energy system, with a growing share of renewables and more market players, is structurally more resilient. Countries that invested in the energy transition are weathering this crisis with less economic damage, as they boost energy security, resilience and competitiveness."

We, the Ministers of Foreign Affairs of Belgium, Croatia, Estonia, Finland, Iceland, Italy, Ireland, Latvia, Luxembourg, Moldova, Norway, Poland, San Marino, Spain and Sweden, concerned by the conflict in the Middle East, are appalled by the dramatic situation and renewed escalation of violence in Lebanon, where there are already 1.2 million internally displaced persons, representing some 25% of the overall population.

Major indices, including the Nasdaq Composite, S&P 500, and Dow Jones Industrial Average, all recorded gains, with the Nasdaq delivering its strongest weekly performance since November.

The war has effectively blocked the Strait of Hormuz, the world's most important oil route, since the end of February and cut exports from OPEC+ members Saudi Arabia, the United Arab Emirates (UAE), Kuwait and Iraq.

If the chokepoint were shut, along with the Strait of Hormuz, a quarter of the world's energy and a giant chunk of Asia's exports to Europe would be blocked.

Australia's economic insulation is no longer guaranteed by geography, as geopolitical unrest in the Middle East can swiftly impact its economy through international energy markets.

"In the Gulf, desalination is built with enough breathing room that losing one plant doesn't immediately show up at the tap," says Rabee Rustum, professor of water and environmental engineering at Heriot-Watt University Dubai.

India has not received a cargo from Tehran since May 2019, following US pressure not to buy Iranian crude. New Delhi has turned to Tehran for energy supplies as the Iran war rattles supply.

The ongoing conflict between the US and Israel against Iran is creating significant challenges for Gulf Arab nations, which are already feeling the economic strain from rising tensions and instability in the region.

It may be too late for Trump to negotiate from a position of strength with Iran. The conflict has raised the risk of a worldwide recession.

The analysis of energy imports reveals significant variations in the percentage sourced from the Middle East across different regions, indicating a complex global energy landscape.

From 28 March, Prime Minister Mostafa Madbouly announced that emergency energy-saving measures will run for one month to reduce consumption and ease pressure on supplies.

The war on Iran has created a ripple effect in the global oil market, leading to increased prices and supply shortages that could push Africa to rethink its energy strategies.