ZOMG ELEVENTY ! - - - Extreme weather seen impacting oil prices in 2020 as well as geopolitics

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Extreme weather seen impacting oil prices in 2020 as well as geopolitics

Extreme weather events may have as much impact on world oil supply, demand and prices as geopolitical risks in 2020, according to S&P Global Platts annual outlook.

Already in 2019 flooding disrupted crop planting and harvesting in the U.S. affecting economic activity and ethanol pricing, while a late monsoon in India affected demand. Hurricanes and typhoons are increasingly likely to disrupt economic growth also.

Crude oil prices may rise above $60 a barrel in 2020, but overall energy prices including petroleum products and natural gas will likely stagnate.

“With the spotlight being increasingly put on the impacts of climate change as highlighted by Greta Thunberg & the Climate Extinction rebellion, lower energy prices threaten to continue to drive increased demand for energy and challenge the economics for alternative energies and transportation,” Chris Midgley, head of analytics, S&P Global Platts said.

“Efforts by governments to increase energy prices to support the climate agenda will continue to be met by equal opposition as seen with the gilets jaunes (in France) and protests in Chile, Ecuador & Iran.”  ...