Energy Industry

The World Bank (WB) believes that further escalation of the conflict in the Middle East could threaten to increase oil prices by 75% — up to $ 157 dollars per barrel. Such an assessment is given in the October report of the World Bank "Prospects for commodity markets".

Due to the European embargo imposed from August 10, 2022 on the import of coal from the Russian Federation, the volume of Russian exports by the end of last year sank by 7.5%. China and India are among the main economic partners of Russia at the moment, which partially offset the decline.

In 2023, global oil demand is expected to grow by 1.9 million barrels per day to a record 101.7 million barrels per day. Almost half of the increase will come from China, which is lifting restrictions in connection with Covid-2019.

The increasing demand for electricity leads to the need to increase production capacity. From 2010 to 2021, the capacity increase in the global electric power industry reached 58% or 2933 GW

Serbia produces 70% of its electricity from coal and 30% from hydropower, with the remainder coming from wind and solar. Despite government plans to transition to green energy solutions