The expert in oil affairs, Muhammad Al-Shatti, said that the fundamentals of the market are strong, and therefore oil prices do not face the risk of collapse, but rather are going through a phase of fluctuation, and the indicators coming from China or the United States are pressing them as a result of fears of recession and economic slowdown.
Muhammad Al-Shatti added, in an interview with Al-Arabiya, today, Friday, that Continuation of the price of a barrel of oil Between $90 and $100, they are solid prices.
He explained that Russian oil exports are still strong and unaffected, amounting to regarding 6 million barrels per day until this August, and they go to Europe, Turkey, Italy, China and India, but with the actual start of Western sanctions on December 5, 2022, they will be affected by a range of one million to 1.2 million barrels per day.
Muhammad Al-Shatti said that fears of a lack of supply are offset by a slow recovery in demand, pointing out that the International Energy Agency revised its forecast for demand growth from 1.7 to 2.1 barrels per day in 2022.
The expert in oil affairs pointed out that there is an increase in supplies from Saudi Arabia to Europe and the world, as well as an increase in UAE exports.
He said that the conclusion in the markets at present is that there is a recovery in supply offset by a slow recovery in demand.
Oil prices rose regarding 3% on Thursday, as positive US economic data and strong US fuel consumption eased fears that slowing economic growth in other countries might undermine demand.
Brent crude futures rose $2.94, or 3.1%, to settle at $96.59 a barrel, while US West Texas Intermediate crude rose $2.39, or 2.7%, to settle at $90.50.
