Alexey Gromov, Principal Director on Energy Studies of the Institute for Energy and Finance, commented on the possible dynamics of world oil prices in November 2022 to the Sputnik radio station.
Alexey Gromov noted that the fall is not only due to the policy of the Chinese authorities, but also due to the actions of the United States.
Oil will fall in price at least until the end of November, the expert added.
“There are several factors that are pushing global oil prices down. First of all, these are the ongoing and even intensifying coronavirus restrictions in China. Traders expect the Chinese economy to continue low demand for oil and petroleum products in the coming months. But there is another moment. In the United States, there is a sale of the strategic oil reserve. These two factors form the negative dynamics in oil prices," Alexey Gromov explained.
"Such a negative trend in oil prices may continue at least until the end of November. In the future, the situation may be affected by the decision to introduce a ceiling on prices for Russian oil, which was announced for December 5, 2022. If this decision is made, then a reduction in Russian exports is obvious can turn oil prices upward," Alexey Gromov concluded in an interview with Sputnik radio.
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