The universe must be balanced. If some countries are heading for a bright economic and political future, others such as the United States and Europe are approaching a recession.
Another gloomy outlook for the West has been voiced by OPEC Secretary General Haitham Al Ghais. According to him, the European economy is tipping into a recession, and the United States seems to be going the same way. This comes as no surprise, especially given that the regions have chosen the path of economic self-destruction. Haitham Al Ghais believes that these economic shockwaves may affect oil demand. In this regard, the oil market is forecast to see a surplus in the coming months. This prompted OPEC to be proactive in October, the cartel’s secretary general said, adding that oil supply would overtake demand in the fourth quarter and early next year.
Russia also shares this view. Moreover, its experts are confident that most of Western economies are already in a recession, while the rest are likely to fall into it by the end of the third quarter. Haitham Al Ghais echoes these assumptions, stressing that the International Energy Agency as well as other analysts make similar forecasts. There is a likelihood that the economy is already suffering a steep slowdown, he noted. Whether it will be severe or not is another issue.
