Despite the United States’ release of oil from its strategic reserve, the Eurozone’s ban on Russian crude and supply cuts by OPEC+ are expected to drive prices higher again. Jeff Currie, head of commodities research at Goldman Sachs, anticipates that crude oil prices could jump to $115 a barrel by April next year.
OPEC presented its annual World Oil Outlook at ADIPEC earlier this week. It forecasted that global primary energy demand is set to continue growing in the medium- and long-term, increasing by 23% within 2045.
