Today, Thursday, oil prices recorded 95.15 dollars per barrel for the futures contracts for the international standard, Brent, and the US West Texas Intermediate crude futures contracts recorded 88.78 dollars per barrel.
Engineer Medhat Youssef, former deputy head of the Petroleum Authority, confirmed that US President Joe Biden’s threats to American oil companies are to search for popularity.
Engineer Medhat Youssef added, in a telephone interview to the “Khabar Al-Youm” program, on ONE, that matters related to the global oil market will remain under the control of OPEC Plus, pointing out that the events of the Russian war showed the weakness of the new energy potential if compared to natural gas and oil.
He continued, “All new and renewable energy sources do not stand in front of the capabilities and the world’s dependence on fossil energy is a serious position.”
And data from the American Petroleum Institute had shown that crude oil stocks fell by 6.5 million barrels in the week ending October 28, which gives a positive sign for demand for crude.
Gasoline stocks also fell more than expected, with inventories down by 1.6 million barrels, compared to analysts’ expectations for a 1.4 million barrel draw.
The latest forecasts of the Organization of Petroleum Exporting Countries (OPEC) indicate that the total global demand for oil during the third quarter of 2022 increased by about 1 million b/d compared to the previous quarter, to reach about 99.7 million b/d, and to continue to rise after that to reach the level of A record amount of about 102.4 million b/d during the fourth quarter of 2022, according to the quarterly report on the global oil situation.
The report issued by “OAPEC” added that, in general, it is expected that total global demand will rise during 2022 by about 3.1 million b/d, or 3.2% compared to the previous year, to reach about 100 million b/d, which is the same level as previous expectations. The tendency to use oil instead of high-cost natural gas for power generation and in industrial processes in OECD countries in Europe and Asia is an important component of the oil demand forecast for 2022.