Positive expectations about the rise in oil prices by this date! by Arab Trader

Positive expectations about the rise in oil prices by this date! by Arab Trader
Positive expectations about the rise in oil prices by this date! by Arab Trader
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© Reuters. Positive expectations about the rise in oil prices by this date!

Arabictrader.com – Commerzbank economists forecast that it will rise by the second half of the year, based on the possibility of a shortage of oil supply in the markets, after oil recorded heavy losses at the beginning of the year.

In the short term, there is still likely to be an oil oversupply; But this will not last long. Since the high demand for oil throughout this year coincides with almost stagnant supply, it is highly likely that the oil markets, which are still witnessing an oversupply, will turn into a deficit as of the middle of this year.

Based on the above; Deutsche Bank experts indicated that the price is likely to rise again to nearly $100 a barrel in the second half of 2023, driven by the prospect of a sharp drop in oil supply.

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It is worth noting that the head of the International Energy Agency (IEA), Fatih Birol, stated earlier; That the oil market is expected to witness tightness, that is, a decline in the volume of oil supply, in 2023 by more than expected, for the following reasons:

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  • In the event that the economy of the largest oil importer in the world, China, recovers, the demand for oil will increase stronger than expected.

  • According to the forecasts of the International Energy Agency; Russian oil exports will decline in the first quarter of this year.

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