The CEO of the American oil company Chevron, Michael Wirth, said that the decline in oil prices currently will not last for long.
He pointed out that the tight supply of crude oil still exists, adding that although the global economy is in dire need of oil price moderation, the risks are still pushing oil upward.
Michael Wirth stressed that the real challenge facing the world now is to anticipate increased investment in the oil industry to increase supply.
He considered that there are several factors that could lead to the return of demand for oil, including the complete reopening of China, as well as the continued avoidance of Russian oil by countries.
communication oil prices It declined, today, Thursday, as investors doubled their bets on the US central bank raising interest rates, which would control inflation and reduce demand for oil.
Brent crude futures for September fell $2.14 to $97.43 a barrel by 1038 GMT, after settling below $100 for the second straight session on Wednesday.
West Texas Intermediate crude futures for August delivery were traded for $93.78 a barrel, down $2.52.