MoneyWise: Oil prices will rise as there is low spare production capacity

17 November 2022 195
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Source: MoneyWise

Author: Jing Pan

ArticleOriginal article

Publication date: Wednesday, November 16, 2022

 

As stated by the world's largest oil producer Saudi Aramco, global oil markets remain incredibly tight. The prospects for the global economy are gloomy as world is still heavily dependent on fossil fuels.

 

Speaking at a conference in London, Saudi Aramco CEO Amin Nasser highlighted that the amount of available spare production capacity dried up. He added that if China would make substantial changes to its policy and open up or aviation industry would require more fuel, the spare capacity would run thin fast.

 

He believes that oil prices could go up fast again.

 

Forecast:

Oil prices will climb

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