Special report
Recent field reports showed that crude oil inventories fell by 8.6 million barrels from their levels at the end of last February, which represents a glimmer of hope that the oil market will recover in the coming period.
The oil analyst Abdulaziz Al-Ruwaisi said in an exclusive interview with Namazon that the decline in stocks represents pressure on the oil market, which must react to this decline in terms of receiving more purchase orders on crude and thus prices will return to rise.
Al-Ruwaisi explained that the issue of supply and demand is not the only factor in the oil market, but there are geopolitical developments that strongly affect the global economic conditions, especially that circle in Asia.
He pointed out that a new hope emanated recently is near the end of the trade war between the United States of America and China, which could cast positive shadows on the market in the coming period, and then restore the oil momentum and exit from the narrow tunnel.
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Oil Price Oil stated that oil and gas will lead the engine of growth in the future at remarkable rates, and that Egypt may turn into a real energy destination in the Middle East.
Al-Ruwaisi noted that the most serious threat to the oil market - unlike wars and geopolitical developments - is the possibility of US President Trump taking measures against the Organization of Petroleum Exporting Countries OPEC after the recent oil hikes.
He continued: Trump is seeking to control oil prices in various ways to serve the American interest, especially amid reports that major oil companies are increasing their production of crude in the American shale oil basins.
Trump said in a tweet this week that oil prices are too high, calling on OPEC to wait and act to reduce it because the world is unable to afford it and adapt to it.
It is worth noting that the measurement of unrefined oil reserves is carried out by the number of barrels, and oil producers use unrefined oil stocks to eliminate the impact of changes in supply and demand.
The largest store of crude oil stocks is located in the United States of America, and the global strategic oil reserve stocks have the largest stocks around the world, including several locations in the United States for use during energy crises.
Oil prices fell during Tuesday's trading, ahead of preliminary US inventory data and amid fears of slowing global economic growth.
By 6:25 am GMT, the price of Brent crude for May delivery fell 0.5% to $ 65.36 a barrel.
US NYMEX crude for April delivery fell 0.5% at $ 56.33 a barrel.
