Economies reopening after lockdowns and a consequent surge in travel have pushed crude oil prices to levels last seen years ago. Now, something else can push them even higher: the weather. Summer is hot in the Middle East. It is peak power consumption season as air conditioners become vital. This year, according to a Bloomberg report , consumption will be even higher than usual due to higher temperatures. The report mentions electricity consumption in Kuwait, which this week hit a new record as summer began earlier than usual. The report also noted that last year, Saudi Arabia burned 25 percent more crude for electricity production than normal. The Kingdom also said at the time that it may need to add 1 million bpd to its domestic consumption for electricity generation purposes. On the face of it, and as the report suggests, this could push oil prices higher. Higher prices […]