Part 5/8:
The Energy Landscape
Europe, as a net energy importer, has been acutely affected by high energy prices since the pandemic, which saw oil prices soar over $100 per barrel in early 2022. However, a turnaround seems to be occurring, with oil now trading at around $60 per barrel. This decline is further supported by a weaker dollar, making energy imports cheaper for European nations.
Factors influencing these lower prices include the effects of U.S. trade policies and Saudi Arabia's shift in strategy regarding oil production. The Kingdom, after trying to maintain high prices, appears to have adjusted to accept lower prices while increasing output to stabilize revenue. This change could bode well for European consumers and industries alike if maintained long-term.