Brent crude oil prices may fall below $70 per barrel in the relatively near future, according to Ben Lukock, head of oil at Trafigura.
At the same time, he warned the market against being too pessimistic.
“It’s dangerous because there are so many unexpected things that can happen,” Lukock said, speaking at the Asia-Pacific Petroleum Conference (APPEC). – “I wouldn’t bet everything on a price decline.
Oil prices began to fall in mid-July on concerns about global demand and increased supply by OPEC+ countries and have now shown negative dynamics since the beginning of the year.
Torbjörn Thornqvist, the head of Gunvor, also shares the negative forecast.
“The world is now producing much more oil than it consumes, and this balance is expected to only worsen in the coming years,” Bloomberg quoted Thornqvist as saying at the APPAC conference.
Jeff Curry of Energy Pathways voiced a somewhat more optimistic view. He acknowledged the problems in China’s economy, but pointed out that the expected Federal Reserve rate cut could support investor sentiment.
“Growth in demand for oil and other energy will come from regions such as India, Africa and parts of Latin America in the future,” he said.
