Alexey Belogoryev, Research and Development Director of the Institute for Energy and Finance, commented on the reasons for the decline in world oil prices to Kommersant FM:
"The demand for oil in the world is growing, but much slower than expected. China is least pleased in 2024, where long-term structural problems have arisen with the growth rate of oil demand, especially in terms of motor fuels. This has a negative effect on the mood of the bidders. The ball is ruled by those who are trying to make money on the decline in quotations. I think this will continue for a few more weeks, but I'm not sure if the quotes will strengthen below $70. Most likely, they will still return to the $70-80 corridor, maybe closer to $ 75, but it will take time. Although, in general, prices are under strong pressure from negative macroeconomic statistics in both the United States and China, as well as certain supply-related factors, including its growth in Iran and Libya."
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