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[size=30]An expert reviews the fate of oil prices: artificial prices will drop soon
2022-06-13
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Yes Iraq: Baghdad
The oil expert, Nabil Al-Marsoumi, revealed that the current high oil prices are “artificial” and not real, and will soon drop, expecting prices to drop to less than $100 in the first quarter of next year.
Al-Marsoumi said in a clarification followed by “Yes Iraq”, that “the excess production capacity of crude oil in the OPEC Plus countries that can be exploited within 3 months amounted to 6.930 million barrels per day at the end of the first quarter of 2022.”
He added, "With the exclusion of Russia and Iran due to the inability to exploit their spare capacity due to Western sanctions on them, the net surplus production capacity in the OPEC Plus countries drops to 4.550 million barrels, including 1.840 million barrels per day in Russia, 1.090 million barrels in the UAE and 400 thousand barrels per day in Iraq." “.
He explained, "With the end of OPEC Plus restrictions on production next September, it is possible to convert this surplus capacity into actual production that compensates for the lost Russian oil and contributes to increasing the oil supply and putting pressure on prices, and this reinforces expectations of a decrease in global economic growth from 5.7 percent in 2021 to 2021." 3% in 2022 and rising global inflation levels.”
He considered that, “This means that the current high oil prices are artificial because they are linked to the Russian-Ukrainian war without being supported by the market fundamentals represented by the forces of supply and demand, and this may push oil prices down in the last quarter of this year, and prices may drop below the level of $100 per barrel.” in the first quarter of next year.
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