Dr. Faisal Al-Fayek, a consultant in energy affairs and former director of energy studies at OPEC, confirmed that oil markets are currently unable to bear any upcoming shortage in supplies, especially And that there are many countries in OPEC and the OPEC + alliance are unable to commit to increasing their share of production, which in turn will contribute to higher prices.
According to Arabiya Net, Al-Fayek indicated in an interview with Al-Arabiya, that the latest monthly OPEC report showed that the stocks of the OECD countries are below the average The five-year level is 120 million barrels, and 306 million barrels less than last year's level.
He expected the demand for oil to rise strongly, adding that we may reach the levels of demand for the pre-pandemic period, sooner than expected.
He also said that the repercussions of what is happening in the gas markets of large price jumps will affect the oil markets, and the fragile global economy cannot bear such repercussions amid high inflation rates and the arrival of the oil price. Brent to $75.
The high price of gas is prompting electricity producers to switch to other sources of energy such as oil.
Al-Fayek pointed out that the average price of Brent this year at $67, compared to an average of $42 recorded last year, which is a big jump.
He added that oil prices are now forming a resistance barrier at $75 and may continue below the $80 barrier.
