Home / energy markets / To understand how the world works, pay attention to energy markets quoting : “arabnews”

To understand how the world works, pay attention to energy markets quoting : “arabnews”

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Consumers can switch on their boiler with a smartphone, yet switching energy suppliers is a complex three week process.
Historically, banks have tended to group source solutions to issues as they arise and regulation has followed, whereas the energy industry has been more regulator led.
Read more: How Blockchain technology will change the financial services industryThe same is true in energy.
Reducing long lead times for switching suppliers has been high on the agenda of consumer rights groups and government committees in recent years.
Ofgem, the UK energy regulator, has also been vocal about making switching simpler, clearer and fairer.

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To understand how the world works, pay attention to energy markets

The confluence of politics and economics at the center of global energy markets indeed offers a cross section of how truly interconnected our world is.
It is debatable whether people around the globe still appreciate the impact oil has had on both oil-importer and exporter nations.
This asymmetric relationship started changing slowly as oil producers began asserting more control over ownership.
For much of the 20th century, developing countries with rich hydrocarbon deposits were content to defer to the “big seven” Western oil companies that dominated international oil markets.
For starters, member countries have rarely had an easy time agreeing on production levels, which is the primary means by which they keep energy markets stable.

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