Market updates and forecasts

Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

UAE energy minister fears oil shortage


July, 06 2023
watermark Economic news

The global oil market may face a shortage of supply if it is not enough to invest in this industry, UAE Energy Minister Suhail al-Mazroui said during an OPEC seminar.


According to him, it is necessary to reimburse 8 million barrels per day of production capacity annually, as reserves are gradually being depleted.


The Minister noted that he was concerned about the proposal. The world consumes about 100 million barrels every day, and 8 million barrels per day must be recovered every year to maintain production at 100 million barrels per day. To date, the United States reimburses about 40% of the total. 


Al-Mazroui believes that forecasts about the approach of the peak of oil demand are not justified. Previously, consumption increased by 1-1.5% per year, and in 2023 an increase of 2% is expected. The minister also noted that due to lack of investment, 23 OPEC+ countries have lost more than 3 million barrels per day of oil production since 2020. In his opinion, it is very important to invest in production today, especially in Africa.


Feedback

ForexMart is authorized and regulated in various jurisdictions.

(Reg No.23071, IBC 2015) with a registered office at Shamrock Lodge, Murray Road, Kingstown, Saint Vincent and the Grenadines

Restricted Regions: the United States of America, North Korea, Sudan, Syria and some other regions.


© 2015-2024 Tradomart SV Ltd.
Top Top
Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.