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Global Actions. The Tension Resulted in Significant Fluctuations in Oil Prices, Directly Affecting International Economic Prospects.
The Recent Confrontation in the Middle East Between Israel and Hamas Raised Concerns in the Market, Especially Due to the Region’s Influence on the Oil Market.
The Price of Brent Oil Rose After the Attacks on October 7 Against Israel, Reaching $89.65 on October 16, 2023. However, Since Then, the Price Dropped by 9%, Being Traded at About $81 This Wednesday (15). Previously, It Reached $79, the Lowest Value Since July.
Some Factors May Explain the Recent Movement: The Fear of a Supply Reduction Due to the Conflict in the Middle East Decreased, Thanks to the Increase in Production Announced by the United States, as Well as the Increase in Production Reported by OPEC (Organization of the Petroleum Exporting Countries).
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Oil Prices Rise as U.S.-Iran Tensions Heighten Concerns Over Global Supply and Energy Market Stability
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Explosion at QatarEnergy Plant in Ras Laffan Kills 13 and Injures 66; Investigation Rules Out Sabotage
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Brazil’s Búzios Oil Field Sets Record with 1.2 Million Barrels Per Day, Strengthening Global Leadership in Deepwater Production
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Petrobras and Equinor Reach Agreement for 50% Stake in Itaimbezinho Block in Brazil’s Pre-Salt Campos Basin
Forecast for Increased Oil Demand Despite the Expansion of Electric Vehicles
The Agency Estimates That Oil Demand Will Increase to 930,000 bpd, Compared to the Current 880,000 bpd. On the Other Hand, It Forecasts That Demand May Slow Down Due to the Growing Adoption of Electric Vehicles and the End of the Post-Pandemic Economic Recovery Phase.
Source: Money Times
