John Whelan: Switching power stations back to oil may be necessary

While Iran continues to be a wildcard in the global oil supply picture, a nuclear deal seems closer than it has ever been

A barrel of crude oil has dropped 20% from its high point in July and is set to fall by a further 10% in 2023. Picture: David Creedon

In the midst of this hot August weather, people are shivering over a looming winter of high heating bills as the war in Ukraine continues to drive rampant increases in gas prices. Yet, there is some potential respite in the oil market.

A barrel of crude oil has dropped back 20% from its high point in July and is forecast to fall by a further 10% again in 2023, according to the US Energy Information Administration (EIA).