Oil price recovery on permanent mend

 

oil price wednesday

Oil price recovery continues despite insignificant negative dips since last week, defying the gloomy outlook forecast by some analysts.

The trend is important, especially, when the powerful Green movement calls shots on every front of the energy sector.

As I instinctively noted many times before, the fossil fuels are here to stay for a long time. It has been reported that in Canada, even in 2050, more than 50% of the energy requirements are going to come from fossil fuels.

The supply side of the oil equation is going to get stronger as the political upheavals in the Middle East seem to be heading towards a stable phase.

The ties between Israel and powerful Arab nations, something that was unthinkable a few years ago, are going to improve irreversibly with more surprises in the offing political stability will undoubtedly favour a steady oil market.

In addition, under new US administration, Iran may enter the market back again as well.

The steady supply of oil with improved industrial activities in the post-pandemic world will go hand in hand in the coming months with the ultimate goal in sight - global prosperity for all regardless of existing regional inequalities, in the long run.

This is how the world made progressed during the past few decades and there is no reason to believe that is not the case.

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