Peak oil

Greece's inflation rose 3% in August year-on-year, compared to 2.7% in July and 2.7% in August 2023, according to data published on Tuesday by the Hellenic Statistical Authority (ELSTAT).

The threat of generalized conflict in the Middle East is reportedly causing intense concern in Athens regarding the turbulence it could trigger in the energy sector, supply chains, and in the economy in general. 

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The war between Israel and Hamas could trigger price shocks for raw materials such as oil and agriculture products if the conflict escalates across the Middle East, the World Bank warned in a report yesterday.

Oil has already risen six percent since the latest round of fighting, sparked when Hamas militants from Gaza stormed southern Israel.

European Union officials discussed diversifying oil stocks and creating a buffer for diesel and gasoil during an emergency meeting of the bloc's oil coordination group, one told Reuters.

Friday's meeting was called by the EU commissioner for energy Kadri Simson to assess potential supply risks in case the Israel-Hamas conflict triggers a broader regional one.

For the second month in a row, the general price index headed higher. Inflation rose to 2.7% in August from 2.5% in July as food prices remained steep, fuel prices strengthened, while increases were recorded in a range of services including transport, dining and health.

Russian government oil revenues plunged nearly 50 percent in the first five months this year, U.S. Deputy Treasury Secretary Wally Adeyemo has said, six months since a price ceiling was enacted.

Demand has been rising for secondhand cars in a market trying to fend off the tight supply of new vehicles.

Besides the availability problems, what drives the demand is people's expectations that prices will go up in the coming months due to the perceived depreciation of the local currency.

Oil prices continued to fall during trading on Thursday, hitting three-week lows on concerns that rising interest rates policies by leading central banks could limit global economic growth and fuel consumption going forward.

At the same time, the dollar has appreciated in the foreign exchange market, with its strengthening making oil more expensive for buyers in other currencies.

MT KOPAONIK - Serbian Minister of Mining and Energy Dubravka Djedovic said on Tuesday the government would ensure stable energy supplies in the period to come.