Oil market expects «parabolic» movement, prices may reach $150 per barrel – head of Trafigura
10:02 10.06.2022 5727
World oil prices could show a «parabolic» movement this year, rising to record highs and triggering a slowdown in global economic growth, said Jeremy Weir, head of Trafigura, one of the world's largest independent oil traders, Interfax reports.
The current state of energy markets is critical as sanctions on Russia exacerbate supply shortages created by years of underinvestment in the sector, Weir said at the FT Global Boardroom on Tuesday.
«The situation is critical,» he said. «I really think we're in trouble for the next six months, (…) when it comes to this parabolic state, the market can move and prices can really go up».
A parabolic condition is commonly referred to as a situation where prices jump to record levels in an already rising market, the Financial Times notes.
Weir added that he sees a strong possibility for oil prices to rise to $150 a barrel or more in the coming months as energy flows shift as Russia diverts oil exports from Europe.
«If very high energy prices persist for some time, we will see a decrease in demand. It will be problematic to sustain such a price level and maintain economic growth», he said.
Daewoo E&C strengthens strategic ties with Turkmenistan
Daewoo E&C Chairman Jeong Won-ju visited Turkmenistan from June 26 to 30 to discuss new business opportunities and strengthen the company's presence in the Central Asian market, the company said in a statement on July 1.
Turkmenistan's export potential presented in Istanbul
The exhibition of export goods of Turkmenistan opened in the Istanbul Exhibition Center. The event, which will last from July 2 to 5, has become a clear evidence of the development of bilateral cooperation, actively supported by the heads of state, Orient reports (Orient Link: https://orient.tm/ru/post/87213/turkmenistan-stambul-vystavka-eksport).
Chairman of the Halk Maslahaty of Turkmenistan outlined the main features of the country's economic development
Speaking at a meeting of the Halk Maslahaty of Turkmenistan, National Leader of the Turkmen people Gurbanguly Berdimuhamedov emphasized that the key factor in the sustainable advancement of any country is economic growth, TDH reports.
Turkmenistan and the UK are ready to develop trade and economic cooperation in priority areas
Topical issues on the bilateral agenda were discussed at the talks between the Foreign Minister of Turkmenistan Rashid Meredov and the Parliamentary Deputy Secretary of State of the British Foreign, Commonwealth and Development Department, Minister Leo Doherty, who arrived in Ashgabat on a working visit. This was reported on the website of the Foreign Ministry of Turkmenistan.
The Democratic Party of Turkmenistan nominated Serdar Berdimuhamedov as a candidate for the post of President of the country
Vice-Chairman Serdar Berdimuhamedov has become the first candidate for the post of head of state in the upcoming early presidential elections in Turkmenistan. His candidacy was nominated and unanimously supported at the IX Extraordinary Congress of the country's Democratic Party, held on Monday.