Now we cross over to our Oh Soo-young for Global Insight and an in-depth look at important developments in world affairs.
It's time for Global Insight where we speak to experts from around the world on issues making headlines.
The cost of fuel has been making news around the globe for weeks, now, as petrol and diesel prices hit multi-year highs amid tight supply.
In response, a number of oil-consuming nations decided, last week, to release oil from their Strategic Petroleum Reserves in order to lower high gasoline prices.
South Korea, the United States, the United Kingdom, India and Japan are among these countries.
But will the move be effective?
We're joined by Melvin Matthews, advisor to OrbitMI and Jeffrey Halley, Senior Market Analyst, Asia-Pacific for OANDA based in Jakarta.
1) Melvin: First of all, why have consumers been seeing a significant rise in retail petrol and diesel prices?
2) Jeffrey: The White House said anticipation of the reserve-tapping move has already helped bring down oil prices about 10% during the past few weeks. Would you agree? Will the SPR bring the retail pump prices down in the short-run? What impact do you think the SPR will have here in South Korea, where fuel taxes have already been cut?
3) Melvin: How effective do you think the SPR release will be in bringing down retail pump prices?
4) Jeffrey: South Korea and Japan are joining the US and other oil-consuming nations in releasing oil from strategic reserves. What's the significance of a coordinated SPR release between multiple countries?
5) Jeffrey: OPEC still has spare capacity but is only increasing its production gradually. Its members have said that there will likely be a surplus in 2022, and their fears may be growing given concerns over the new mutant strain of COVID-19. The group said it would postpone its meeting originally scheduled for the middle of this week to have more time to analyse the impact. What kind of discussions or outcomes do you think we'll see?
6) Melvin: What kind of decision do you think OPEC will make in their meeting this week, and how will it affect global consumers?
7) Melvin: It seems global oil prices fell on Friday due to concerns over the surge of the new COVID-19 variant. Do you think we'll see a downward trend in prices over the coming months?
8) Jeffrey: What is your outlook for global oil prices? Will they stabilise or remain high in 2022?
That was Melvin Matthews, advisor to OrbitMI and Jeffrey Halley, Senior Market Analyst, Asia-Pacific for OANDA based in Jakarta.
Thank you for your time.