This year crude prices will touch $85-87, but long-term, oil is headed to $70: Dr Fereidun Fesharaki

Dr. Fereidun Fesharaki forecasted that the long-term oil price would remain around $70 per barrel. He cited strong supply-demand fundamentals and increasing carbon costs. Geopolitical issues had minimal impact on supply due to OPEC’s excess capacity. Additionally, he discussed how evolving demands, especially from electric vehicles, and gas prices are affecting the market.

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