October 23, 2021

The Queens County Citizen

Complete Canadian News World

Gloomy forecasts for global oil demand

Gloomy forecasts for global oil demand

U.S. investment bank Goldman Sachs said in a report that it expects global demand for hydrocarbons. Anemia “From 2025, this Friday the special site will report oil prices.

« Government policies that promote higher efficiency gains and lower emissions have had a major impact on road transport demand. Goldman Sachs said in its report.

| Also read: Exports: True version according to Ali Bay Nasri

« Petrochemicals will load a new base for oil demand, which will lead to economic growth and increasing consumption, especially in emerging markets. », Underline the American Bank.

According to Goldman Sachs, the high-oil transportation sector will reach its peak by 2026, as the widespread adoption of electric cars will reduce demand. The bank hopes to never return to pre-pandemic levels.

In addition to the increase in sales of electric vehicles driven by strict emission regulations in Europe and the United States, many workers believe that a permanent change to televisions will also have a negative impact on oil demand, with 43% of the oil consumed coming from passenger vehicles.

| Also read: Investment, Import and Export: What will change in 2021

3 at $ 75 a barrelE Quarter 2021

However, Goldman Sachs has been bullish on oil in recent times, with the Bank saying earlier this month that a strong rebound in oil demand over the summer will allow OPEC and its allies to further ease their sanctions.

The investment bank expects Brent to hit $ 75 a barrel in the third quarter on the back of a return to demand in the third quarter and on improving the global economic outlook, especially in the United States.

READ  Quebec announces end of fiber vaccine deliveries

On Friday, the Brent barrel from the North Sea, the benchmark of the Algerian Sahara Blend, closed slightly lower after a strong rise recorded during the week. It ended the day at 66.77, down 17 cents or 0.25% from the day before. In New York, WTI’s US barrel fell 33 cents, or 0.52%, to $ 63.13.

Algeria, which receives most of its foreign exchange earnings from oil and gas exports, is struggling to expand its economy to reduce its dependence on hydrocarbons.

In 2020, Algeria’s oil revenues fell 40% to $ 20 billion, failing to export more than $ 2 billion worth of hydrocarbon products.

For many years, Algerian exporters were in vain for reforms Foreign exchange regulations In order to develop exports, they are considered to be “restricted” and decriminalized without the return of currencies.

| Also read: Export: Algeria changes its foreign exchange regulations