Expectations of a new rise in oil prices to $ 100 a barrel

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[size=52]Expectations of a new rise in oil prices to $ 100 a barrel[/size]

[size=45]The outbreak of the Corona virus in China once again, in addition to the American pressures and its attempt to compensate for Russian oil and gas exported to Europe, prompted a decline in oil prices during the last month.[/size]
[size=45]In the opinion of specialists, adherence to OPEC decisions makes price levels range between 83-93 dollars per barrel and could reach 100. The Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, decided to reduce the target production by two million barrels per day in last October.[/size]
[size=45]According to the latest oil price update, Brent crude futures recorded $76.74 a barrel, up 59 cents, or 0.8%, after falling 1.3% last Thursday. US West Texas Intermediate crude rose 68 cents, or 1%, to $72.14 a barrel, after it recorded a 0.8% decrease when settling in the previous session.[/size]
[size=45]Hamza Al-Jawahiri, a specialist in oil affairs, says that OPEC’s decision to reduce production did not affect Iraq’s exports, but rather reduced internal production, noting that “compliance with OPEC decisions is expected to make price levels range between 83-93 dollars per barrel.”[/size]
[size=45]Al-Jawahiry added, "The increase in prices by $10 or more compensates for the reduction, which amounts to about 220,000 barrels, and the profit may increase due to price stability."[/size]
[size=45]He attributed the decline in prices to “the complete closure in China of some provinces after the spread of the Corona virus again, in addition to the Russian-Ukrainian war that put pressure on prices, as well as American pressures and its attempt to compensate for Russian oil and gas exported to Europe, as well as setting a price ceiling ranging between 60- $65 a barrel, even though stocks of oil and derivatives have dropped very dramatically in recent weeks.[/size]
[size=45]Al-Jawahiri pointed out that "OPEC is coherent and cannot be dismantled, because if things are left without a clear policy, prices will collapse to irreversible levels."[/size]
[size=45]For his part, Safwan Qusai, a specialist in economic affairs, believes that “it is best for OPEC to keep the same policy and not increase or decrease production, especially since there are sanctions that will be imposed on Russian oil.”[/size]
[size=45]He added, "It is possible for oil prices to range between 90-100 dollars a barrel during the next year, so that there will be stability in the revenues of Iraq and other major oil producers."[/size]
[size=45]He pointed out, Qusay, that "Iraq will be affected if the oil pumping from the strategic storage is increased, and it is likely that prices will not fall below $ 70 a barrel, even with the increase in oil pumping from the strategic storage by the United States."[/size]
[size=45]He explained, "China's control of the Corona pandemic will be a factor for the growth and rise of oil prices."[/size]
[size=45]In addition, economics professor Nabil Al-Marsoumi warned of the decline in the financial revenues achieved from the sale of Iraqi oil, due to the repercussions of the Russian crude price ceiling.[/size]
[size=45]Al-Marsoumi said, “This competition between Russian oil and both Iraqi and Saudi oil will lead to a greater drop in the prices of oil shipments destined for Asia, which will negatively affect Iraqi oil revenues, especially in light of the weak global demand for oil and possible fears of an imminent hike in US interest rates, which is Which led to the current decline in the price of Brent crude and its decline.[/size]
[size=45]Earlier, Prime Minister Muhammad Shia al-Sudani said, "Iraq is keen to adhere to OPEC's policies and decisions," noting that "Iraq must reconsider its quota."[/size]
[size=45]He added that there are several reasons for this, including the need for "funds for the reconstruction of Iraq."[/size]
[size=45]Al-Sudani indicated that his country is “keen on the stability of energy prices,” adding, “We do not want prices to rise above $100, nor at the same time to decrease in a way that affects the level of supply and demand.”[/size]
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