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Showing posts from December 12, 2021

OPEC+ sees over 17.6% global growth in the next 25 years

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Global Oil prices have tumbled, yet the OPEC+ sees the light at the end of the tunnel, after revising its previous gloomy forecast for the first quarter, 2022; the cartel sees an increase in demand for the period, despite the risk of global spread of the Omicron variant of the Coronavirus. Its latest forecast clearly shows that the growth of demand for the crude oil in the next few years ahead: in the next 25 years, says the OPEC+, the global demand will grow by 17.6%. In the OECD countries, however, the data shows a decline in growth by 7.6% that could be accounted for by the anticipated growth of the renewables. In the non-OECD countries, on the other hand, there is a clear growth of 25.5%; it means, the fossil fuels are not going to go away as far as the majority of the global population is concerned, despite the ambitious net zero targets. In the US, meanwhile, the crude oil inventories continue to fall at a modest phase, clearly owing to the fall of crude oil prices recen

Oil Price: the failure to reviving the JCPOA and its direct impact on crude oil markets

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The price of crude oil fell again on Monday in the markets, perhaps over the fears of yet another potential conflict in the Middle East, involving Iran, the West, the Sunni Arabian powers in the region and of course, Israel. Although the signatories to the JCPOA, 2015 Iranian nuclear deal, are meeting in Vienna in the hope of reviving the deal that has been in permanent limbo, there are increasing signs that Iran and the West are just drifting apart in a whirlpool of mutual distrust. One of the many stumbling blocks, among many, appears to be Iran’s insistence on removing sanctions first and giving a guarantee that the next US administration will not tear the agreement up as President Trump did while in office. While making matters worse, the Iranian foreign minister said today that sanctions and the success of the talks are mutually exclusive. The West, on its part, views Iranian position as a calculated attempt to buy time until they take a leap in its nuclear programme – dev