Oil Quick Analysis, What Could Happen By Next Few Years?

Some people believe oil demand would fall anyway, and the world wouldn’t need as much supply as it did over the past few years. Well the fact is, there are currently no signs of downside oil demands to drastic fall. International Energy Agency’s (IEA) has reported no new investment in oil and gas needs to be approved if the world is to reach net-zero emissions by 2050.

Currently Oil Price Rises Above $70, 17th OPEC and non-OPEC Ministerial Meeting Projects Demand Growth more and more crude oil likely to improve.

OPEC said in view of current oil market fundamentals and the consensus on its outlook, the meeting signals that countries are with the organization is to a stable market in the mutual interest.

Bloomberg had earlier reported on Tuesday that futures in London rose as much as 1.4 per cent after posting a second straight monthly gain.

Despite the conflict, we should consider supply and demand ratio for nearer future. Listen to TotalEnergies CEO Patrick Pouyanné -

“It’s nice to say that we need to stop producing oil, but if there are no longer enough projects or production, what will happen? Prices will rise,”

Over the past years big oils reserves has been reduced and we know EU & West countries are looking for zero emission energy, we should see the demand is decreasing in next few years. But countries with less development will not change dramatically and so the global politics could turn to OPEC & Russia for fossil fuel business.

 

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