World leaders are working hard to reduce global warming to address the adverse effects of climate change. To this end, the United Nations has taken steps to reduce carbon emissions, as part of which governments are reducing energy consumption in their countries. And if this effort continues, it will have an impact on the fuel oil market. Wood McKenzie (Woodmack), an Edinburgh-based market consulting firm, predicts that reducing fuel consumption will bring fuel prices to 40 dollar a barrel in the next ten years (by 2030). News Reuters.

In this regard, Woodmack says, the heads of government are in a tough position to reduce global carbon emissions. Therefore, they are leaning towards increasing the use of electricity instead of fuel in the industrial and transport sectors. They have taken this initiative to reduce global warming under the Paris Agreement.

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