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Hopes are not right, but more and more market experts and analysts are supporting the idea that the price of a barrel of oil could quickly cross the $ 200 threshold.
The black gold quote took another turn after the news that oil depots in Saudi Arabia had been attacked. Although the flames that engulfed the Saudi Aramco oil facilities after being hit by the Huthi rebels have already been brought under control, the situation in the markets has not stabilized completely.
At the base of price fluctuations lie more geopolitical tensions. Russian aggression in Ukraine and harsh Western sanctions have significantly complicated the exports of Russian energy colossi, the world’s second-largest producer of crude oil. This means that Moscow needs to find other markets to sell its oil.
Meanwhile, it is destined to increase demand for alternative producers from Western countries, which, according to experts, will push the price towards $ 200, because there may not be enough supply to satisfy demand. This problem had started to appear before the invasion of Ukraine, but today it becomes even more dramatic.
Biden administration officials held talks with Venezuela this month and hope for some progress in Iran nuclear talks in Vienna, which could eventually make it possible for Iranian oil to be back on the global market. But talks stalled due to new Russian demands for unrestricted trade access with Iran.
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