Wood Mackenzie: Brent oil price will roll back to $85-90 per barrel only by 2025
18:50 17.06.2022 6189
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.
Hydrogeologists conduct an effective search for groundwater in Dashoguz region
The Dashoguz hydrogeological expedition, which is one of the leading enterprises of the State Corporation «Turkmengeology», is confidently entering the new year 2022, the motto of which is «Epoch of people with Arkadag». For a number of years, the expedition's specialists have been demonstrating effective results in the study of the reclamation and ecological state of lands and in the search for drinking water resources.
Chairman of the Halk Maslahaty of Turkmenistan discussed priority vectors of cooperation with the President of Uzbekistan
As part of a friendly visit to Uzbekistan, the National Leader of the Turkmen people, Chairman of the Halk Maslahaty of Turkmenistan Gurbanguly Berdimuhamedov arrived at the Congress Center of Samarkand on April 24. A bilateral meeting of Hero-Arkadag with President Shavkat Mirziyoyev took place here, TDH reports.
The President of Uzbekistan presented Arkadag with the highest award of the Republic "Oliy Darajali Dustlik"
The National Leader of the Turkmen people, Chairman of the Halk Maslahaty of Turkmenistan Gurbanguly Berdimuhamedov arrived in Uzbekistan on April 23, the International Information Center of Turkmenistan reports.
GECF predicts double increase in gas production in Turkmenistan by 2050
Secretary General of the Gas Exporting Countries Forum (GECF) Mohammed Hamel, speaking at the International Forum on Attracting Foreign Investments in the Economy of Turkmenistan (TEIF 2025), announced a forecast according to which the volume of gas production in Turkmenistan will double by 2050 and will amount to 150 billion cubic meters.
Ashirguly Begliev appointed Advisor to the President of Turkmenistan on oil and gas issues
Ashirguly Begliev has been appointed Advisor to the President of Turkmenistan on oil and gas issues.