Uncertainty dominates the oil markets and the fair price is 75-85 dollars per barrel

Uncertainty dominates the oil markets and the fair price is 75-85 dollars per barrel
Uncertainty dominates the oil markets and the fair price is 75-85 dollars per barrel
-

Oil expert Fahd Bin Jumaa said that the factors that support the future of oil prices include optimism about the rise in Chinese demand, in addition to the fact that the global economic recession will be less than expected.

Jumaa added, in an interview with Al Arabiya channel, that US stocks rose by 8.5 million barrels before last week, and in the previous week by 19 million barrels.

He pointed out that this data shows a state of uncertainty, explaining that “if supply is high and there is optimism about demand… why do prices rise so dramatically?”

-

He said that there is uncertainty in the global market with the continued repercussions of the Russian-Ukrainian war, and the question now is whether it will witness calm or whether its battles will intensify and cause other problems.

--

On the fair price of a barrel of oil, Bin Jumaa explained that it is in the range of 75-85 dollars per barrel, and added, “OPEC + must monitor and follow the oil markets because conditions and changes are accelerating, and expectations have become a “kind of fantasy” amid constant confusion in market fundamentals.

He stressed the need to increase oil production and productive capacities because it will remain a main source in the energy mix for decades to come, indicating that the transition to renewable energies needs trillions of dollars and for long decades, while oil investments achieve great returns.

-

--

PREV Saudi League news today: 25 deals in the winter Mercato in the Roshen League
NEXT Former Moldovan president accused of attempting to flee the country