Wood Mackenzie: Brent oil price will roll back to $85-90 per barrel only by 2025
18:50 17.06.2022 5480
In the coming years, oil prices will remain at a high level due to the redistribution of supplies on world markets; even a possible decrease in demand will not affect its value. This forecast is given by Wood Mackenzie analysts, Interfax reports.
“Lower demand will ease market tensions, but oil prices will remain high: the new and less efficient trade equilibrium means prices will remain at current levels before going down. Going forward, they will continue to be higher than we thought before the war. At the same time, the price per barrel of Brent will roll back to $85-90 only by 2025, while oil refining margins in Europe will remain high until 2030», Wood Mackenzie said in a statement.
Analysts note that the established high oil prices are pushing global demand down. According to their forecast, by 2030 it may be reduced by 2 million barrels per day.
Wood Mackenzie also notes that Russia, despite Western sanctions, was able to redistribute oil supplies, convincing buyers in other countries, primarily in India.
«A direct ban on imports from Russia to the EU only accelerates the redistribution of trade in oil and petroleum products, which has already begun», the report says.
According to analysts, the redistribution of supplies may be completed without extreme consequences for oil supply and prices by the end of the year.
In the future, we will make every effort for long-term cooperation with Turkmenistan in the gas sector, - head of CNPC
The commissioning of a new facility in the Bagtyyarlyk contract area, the opening of which was attended by the President of Turkmenistan, is an unforgettable event for both Chinese and Turkmen specialists. This was stated by the President of the CNPC Board of Management Hou Qijun, speaking to the participants of the celebration on the occasion of the commissioning of a new gas gathering station in the Farap etrap of the Lebap velayat.
IUOG named after Ya. Kakayev and Petronas Carigali (Turkmenistan) signed a Memorandum of Understanding
The International University of Oil and Gas named after Yagshygeldi Kakayev and Petronas Carigali (Turkmenistan) Sdn Bhd signed a Memorandum of Understanding, the News Portal of the State Television and Radio Broadcasting Company of Turkmenistan reports.
The President of Turkmenistan took part in the opening of a new gas gathering station in Lebap region
As part of a festive trip last Saturday to the Lebap region, President of Turkmenistan Serdar Berdimuhamedov took part in the solemn ceremony of commissioning a new gas gathering station.
Turkmenistan delegation takes part in UN Climate Change Conference COP29 in Baku
Turkmenistan delegation takes part in the Conference of the Parties to the UN Framework Convention on Climate Change (COP29), which is being held in Baku from November 11 to 22, the Ministry of Foreign Affairs of Turkmenistan reports.
Green technologies against desertification are being implemented at Galkynysh gas field
CNPC Chuanqing Drilling Engineering Co., Ltd., a branch of CNPC, is actively implementing a project to combat wind erosion of soils caused by frequent sandstorms and low vegetation at the Galkynysh gas field in Turkmenistan, according to a press release from CNPC.