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According to the French "Echo" website reported on September 30, oil market professionals pointed out that oil may rise to about $100 by the end of the
year.
Oil market professionals point out that the decline of recent months — jagged — is likely to be coming to an end
.
Oil prices showed their first quarterly decline in more than two years, falling more than 20 percent
since early June.
Severely affected by the Fed's accelerated monetary policy tightening, oil prices have fallen more than 35 percent since peaking in early March
.
The gloomy economic outlook has sparked concerns about reduced energy demand, in addition to the Fed's tightening of currencies pushing the dollar to historic highs
.
This directly leads to an increase in the cost of most buyers buying oil, because oil sales are carried out in
US dollars.
But the downward trend could reverse
before the end of the year.
Goldman Sachs analysts noted that, to be sure, "forecasts of a stronger dollar and falling demand will remain a strong headwind
.
" On the supply side, however, the lack of investment, coupled with insufficient inventories and reserve capacity of producers, is expected to create new tensions
.
Goldman Sachs estimates that in the final three months of the year, North Sea Brent crude will average $100 a barrel, up from less than $
90 at the moment.
And it is expected that by 2023, it is likely to reach the average of
$108.
Saad Raheem, chief economist of the Toker Group, which trades in commodities, agrees with this analysis and even expects a new peak
.
He told Bloomberg: "Due to underinvestment over the past decade, we may be moving from a world of raw material cycles to a world
of peak raw materials.
He added that, for example, due to the recovery in China or the United States, the world needs an additional 2 million to 3 million barrels of oil per day, and producers will have a hard time finding those supplies because the reserve capacity is too small
.
The EU's ban on Russian oil imports is about to take effect on December 5, which has raised concerns about
reduced supply.
