2023-06-27 22:03:06
Oil prices turned lower during yesterday’s trading, following rising earlier amid the impact of concerns regarding supplies due to the recent events in Russia.
Brent crude futures for August delivery fell 1.25%, or 93 cents, at $73.1 a barrel. US crude futures also fell 1.3%, or 90 cents, at $68.47 a barrel.
Oil prices are heading towards recording a quarterly loss during the second quarter of this year, amid signs of weak economic recovery in China, and in light of monetary tightening by the Federal Reserve.
This volatile performance in oil prices comes at a time when OPEC expects global demand for oil to rise to 110 million barrels per day within regarding twenty years, and that oil will still constitute regarding 29% of the energy mix by 2045. The Secretary General of the Organization said Haitham Al-Ghais, that oil cannot be dispensed with in the foreseeable future.
He added: «In our global vision, we expect the global demand for oil to rise to 110 million barrels per day by 2045, an increase of 23% from current levels. He pointed out that the lack of investment in the oil industry will only lead to a challenge to the feasibility of the current energy systems, and to chaos in the field of energy.
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