2023-12-18 16:25:01
Oil prices fell to their lowest level during the recent period before rising slightly over the past few days due to the decline of the dollar and the recovery of hopes for increased global demand, as they rose today, Monday, December 18, to levels of $80 from levels of $72 for Brent crude.
Brent crude futures fell to levels of $80 per barrel this week from levels of $97 last September. Analysts attributed the decline in oil prices to several factors, including:
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- American oil production increased to 20 million barrels per day, and America became the largest oil producer and larger than the production of Saudi Arabia and Russia combined.
- Global interest rates rise, leading to a slowdown in the economy and a decline in demand for oil.
- Slowing economic growth in China, the world’s largest oil importer.
J Bank said: with me. Morgan said, “Demand for oil is declining, especially in China, as the country struggles with high inflation rates and energy shortages.”
Goldman Sachs added, “Oil prices may fall to $65 per barrel in the first quarter of 2024.”
Despite the Saudi and Russian production cuts that continued for months and were extended for the coming months, oil prices are continuing to decline and this could lead to a price war and control of quotas.
The decline in oil prices will reduce Saudi revenues, and the Kingdom will be forced to borrow in order to finance the budget deficit and finance the projects it is working on.
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