According to the latest statements from OPEC, the crude oil market has already gone through its worst times. Big problems are behind us, which means that the active recovery process is now beginning. Stocks of black gold will gradually return to their usual rate, and this will happen, according to the organization's rough estimates, by about the middle of next year. Moreover, the fourth quarter of this year should also be promising, as it is then that the basic starting points for future explosive growth will be laid.
With regard to long-term forecasts and development prospects for many years to come, global demand is likely to be able to move up from its pre-crisis levels by another 10 million barrels per day somewhere in 2040. It was then that its total level will be approximately 109.3 million barrels per day.
Today, the level of reserves of crude oil worldwide is significantly higher than the average for the last five years, namely by 220 million barrels.
Such positive news may cause a surge of interest in oil prices, which will force prices in the market to rise. In this situation, of course, this will be a big plus. Recall that the volume of the net speculative position in futures contracts for Brent black gold is currently at the lowest levels that were recorded in the last decade.
Moreover, the September speech by the Minister of Energy of Saudi Arabia left many topics for thought for market participants. Urging investors not to bet on lower oil prices, hinting at the same time that OPEC's policy regarding the extraction of raw materials may very soon change direction. Thus, it becomes clear that the situation in the oil market is becoming tenser, and there are more factors for growth.
