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Expectations of a scarcity of oil supplies over the course of 6 months.. Will prices rise?
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Economy News - follow up
Oil balances indicate the possibility of a shortage in supplies over a period of 6 consecutive months, between March and August, and this may translate into an increase in prices, according to a memorandum issued by the “FGE” consulting company in the sector. energy.
The price of Brent crude is close to reaching $90 per barrel in the third quarter, and crude oil market supplies are expected to be “very limited” in this quarter, but this remains subject to the directions of decision-makers in the OPEC+ alliance, according to the memorandum, according to the agency. Bloomberg.
Supply and demand data issued by FGE estimates the emergence of a supply deficit during the second quarter, compared to the surplus that the market witnessed last month, following OPEC+’s extension of production restrictions until next June.
Seaborne oil shipments are also expected to decline in the second quarter despite the decline in shipping diversions away from the Red Sea, which are likely to reach their peak in February and March, meaning that onshore stocks will be better off. As for the year 2025, prices may fall again to an average of $75 per barrel, according to FGE estimates.
These bullish expectations for prices during the third quarter come after the OPEC+ alliance extended oil supply cuts until mid-year, in an attempt to avoid a surplus in global markets and to support prices.
The reduction, amounting to about two million barrels per day, will continue until the end of June, and the Kingdom of Saudi Arabia, the leader of the group, is implementing half of the pledged reduction.
Abundant supplies of oil have kept global oil prices near $80 a barrel since the beginning of this year, even as conflict in the Middle East has disrupted shipping in the region.
The shipping routes taken by tankers also affect price expectations, as navigational data showed an increasing number of tanker companies moving away from the Red Sea, while several tankers changed their route, at a time when the American and British air strikes on Yemen exacerbated the already very volatile situation in the Red Sea.
The Houthis have been targeting commercial ships since late last year with attacks that the group says are for the purpose of supporting the Palestinians in light of the war launched by Israel on the Gaza Strip, and the attacks focused on the Bab al-Mandab Strait area.
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Added 03/08/2024 - 9:45 AM
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Economy News - follow up
Oil balances indicate the possibility of a shortage in supplies over a period of 6 consecutive months, between March and August, and this may translate into an increase in prices, according to a memorandum issued by the “FGE” consulting company in the sector. energy.
The price of Brent crude is close to reaching $90 per barrel in the third quarter, and crude oil market supplies are expected to be “very limited” in this quarter, but this remains subject to the directions of decision-makers in the OPEC+ alliance, according to the memorandum, according to the agency. Bloomberg.
Supply and demand data issued by FGE estimates the emergence of a supply deficit during the second quarter, compared to the surplus that the market witnessed last month, following OPEC+’s extension of production restrictions until next June.
Seaborne oil shipments are also expected to decline in the second quarter despite the decline in shipping diversions away from the Red Sea, which are likely to reach their peak in February and March, meaning that onshore stocks will be better off. As for the year 2025, prices may fall again to an average of $75 per barrel, according to FGE estimates.
These bullish expectations for prices during the third quarter come after the OPEC+ alliance extended oil supply cuts until mid-year, in an attempt to avoid a surplus in global markets and to support prices.
The reduction, amounting to about two million barrels per day, will continue until the end of June, and the Kingdom of Saudi Arabia, the leader of the group, is implementing half of the pledged reduction.
Abundant supplies of oil have kept global oil prices near $80 a barrel since the beginning of this year, even as conflict in the Middle East has disrupted shipping in the region.
The shipping routes taken by tankers also affect price expectations, as navigational data showed an increasing number of tanker companies moving away from the Red Sea, while several tankers changed their route, at a time when the American and British air strikes on Yemen exacerbated the already very volatile situation in the Red Sea.
The Houthis have been targeting commercial ships since late last year with attacks that the group says are for the purpose of supporting the Palestinians in light of the war launched by Israel on the Gaza Strip, and the attacks focused on the Bab al-Mandab Strait area.
Views 59
Added 03/08/2024 - 9:45 AM
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