Market News Global oil demand recovers, experts say oil prices will regain US$100 in 2022
Global oil demand recovers, experts say oil prices will regain US$100 in 2022
Trafigura, the world's largest independent oil trader, said that although the new crown epidemic poses a challenge to oil demand this winter, the recovery in global oil demand may push oil prices to $100 per barrel by the end of 2022. The agency’s chief economist said that this year’s global oil demand has recovered enough from the epidemic to put the oil market in a “healthier position”.
2021-09-24
8101
Trafigura, the world's largest independent oil trader, said that although the new crown epidemic poses a challenge to oil demand this winter, the recovery in global oil demand may push oil prices to $100 per barrel by the end of 2022.
Trafigura’s chief economist, Saad Rahim, said at the virtual Argus Asia Pacific Crude Oil Forum on Thursday: desperately desire."
Rahim said that this year's global oil demand has recovered enough from the epidemic to put the oil market in a "healthier position."
As Trafigura’s chief economist, Raheem said at the Argus forum that if conditions are right, crude oil prices may rise to $100 next year.
In the middle of this year, before the Delta virus hits the United States and Asian and European economies, the world’s largest commodity trading group, including Trafigura, said that it would not rule out the possibility that crude oil prices hit $100 per barrel.
In June of this year, senior executives of commodity traders stated at the Global Commodities Summit organized by the Financial Times that although oil prices may not enter a new super cycle, oil prices will remain due to strong rebound in demand and expected tight supply. There is room for improvement from current levels.
Trafigura CEO Jeremy Weir said at the time: “The price of oil may rise to $100. You need a higher price to incentivize people. Maybe you need to consider the cost of carbon emissions in the future. Attract capital in this industry."
Raheem now said that if conditions are right, oil prices are still very likely to reach US$100 per barrel.
Market conditions indicate that demand for oil is recovering. Rahim said at the Argus forum that global floating inventories have returned to normal, and US inventories are below the five-year average.
Energy research service HFI Research estimated last week that US crude oil and most commonly used refined oil inventories have now fallen below 2018 levels.
(Daily chart of Brent crude oil main contract)
At 08:34 on September 24, GMT+8, the main contract price of Brent crude oil was quoted at US$76.45/barrel.
Trafigura’s chief economist, Saad Rahim, said at the virtual Argus Asia Pacific Crude Oil Forum on Thursday: desperately desire."
Rahim said that this year's global oil demand has recovered enough from the epidemic to put the oil market in a "healthier position."
As Trafigura’s chief economist, Raheem said at the Argus forum that if conditions are right, crude oil prices may rise to $100 next year.
In the middle of this year, before the Delta virus hits the United States and Asian and European economies, the world’s largest commodity trading group, including Trafigura, said that it would not rule out the possibility that crude oil prices hit $100 per barrel.
In June of this year, senior executives of commodity traders stated at the Global Commodities Summit organized by the Financial Times that although oil prices may not enter a new super cycle, oil prices will remain due to strong rebound in demand and expected tight supply. There is room for improvement from current levels.
Trafigura CEO Jeremy Weir said at the time: “The price of oil may rise to $100. You need a higher price to incentivize people. Maybe you need to consider the cost of carbon emissions in the future. Attract capital in this industry."
Raheem now said that if conditions are right, oil prices are still very likely to reach US$100 per barrel.
Market conditions indicate that demand for oil is recovering. Rahim said at the Argus forum that global floating inventories have returned to normal, and US inventories are below the five-year average.
Energy research service HFI Research estimated last week that US crude oil and most commonly used refined oil inventories have now fallen below 2018 levels.
(Daily chart of Brent crude oil main contract)
At 08:34 on September 24, GMT+8, the main contract price of Brent crude oil was quoted at US$76.45/barrel.
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