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An expert comments on expectations of a rise in oil prices to $120
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Economy News - Baghdad
On Thursday, oil expert Bassem Anton predicted a limited drop in oil prices, to range between 70 and 75 dollars per barrel, if a settlement is reached between Russia and Ukraine.
Anton said that expectations of a rise in oil prices to $120 a barrel in 2023 is illogical, as this level is unacceptable by many international bodies, who believe that it will reflect inflation in the prices of all goods and commodities, in addition to the levels of demand for oil. You will not be able to bring it to these levels.
According to Anton, the continuation of the Russian-Ukrainian war will keep oil moving within the current price margin, while if a settlement is reached between the two parties, a limited and not significant decrease will occur, so that prices range between 70 and 75 dollars a barrel, with OPEC + confirming that it will adopt the proactive method in its future decisions. Just as it did about two months ago when it decided to reduce its production by two million barrels to create a balance in the market.
Anton indicated that OPEC expected global oil demand to rise by about 2.2 million barrels per day in 2023 to 101.77 million barrels, noting that easing the zero-Covid policy in China would provide some upward support for prices, according to Sky News Arabia. .
Views 275
Added 12/29/2022 - 5:25 PM
Updated 12/30/2022 - 1:48 PM
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Economy News - Baghdad
On Thursday, oil expert Bassem Anton predicted a limited drop in oil prices, to range between 70 and 75 dollars per barrel, if a settlement is reached between Russia and Ukraine.
Anton said that expectations of a rise in oil prices to $120 a barrel in 2023 is illogical, as this level is unacceptable by many international bodies, who believe that it will reflect inflation in the prices of all goods and commodities, in addition to the levels of demand for oil. You will not be able to bring it to these levels.
According to Anton, the continuation of the Russian-Ukrainian war will keep oil moving within the current price margin, while if a settlement is reached between the two parties, a limited and not significant decrease will occur, so that prices range between 70 and 75 dollars a barrel, with OPEC + confirming that it will adopt the proactive method in its future decisions. Just as it did about two months ago when it decided to reduce its production by two million barrels to create a balance in the market.
Anton indicated that OPEC expected global oil demand to rise by about 2.2 million barrels per day in 2023 to 101.77 million barrels, noting that easing the zero-Covid policy in China would provide some upward support for prices, according to Sky News Arabia. .
Views 275
Added 12/29/2022 - 5:25 PM
Updated 12/30/2022 - 1:48 PM
[You must be registered and logged in to see this link.]
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