RIYADH: Russian President Vladimir Putin said oil prices could reach $100 a barrel, adding that Moscow and its partners in the OPEC+ need to agree on global mechanisms on ways to balance energy markets
On the other hand, Oil prices won’t be higher in the future, the Iraqi oil minister said at an energy conference in Moscow.
“We think the price won’t be higher.”
When asked if OPEC+ should produce more oil than planned, he said: “The market should be balanced.”
Brent crude futures were down 76 cents, or 0.9 percent, at $82.66 a barrel at 17:06 Riyadh time. US West Texas Intermediate futures fell 80 cents or 0.9 percent to $79.84 a barrel.
Transition to clean energy
Clean energy investment needs to triple by 2030, the International Energy Agency said on Wednesday.
“We are not investing enough to meet for future energy needs,” said IEA chief Fatih Birol.
The IEA warned the global transition to clean energy is still far too slow to meet climate pledges and risks fueling even greater price volatility.
China customs data
Crude oil imports in Jan-Sept down 6.8 percent at 387 million tonnes, while natural gas imports up 22.2 percent at 89.85 million tons, General Administration of Customs announced on Wednesday.
Iron ore imports dropped by 3 percent at 842 million tons, as copper imports fall 19.5 percent at 4.1 million tons, the customs data showed.
OPEC production increased by 490,000 barrels per day to 27.33 million barrels per day in September.
At the same time, OPEC has reduced global demand in 2021 by 160,000 barrels per day to 5.8 million barrels per day.
OPEC maintained its previous forecast for oil demand growth in the 2022 at 4.15 million barrels per day, while the forecast for crude oil in the 2022 increased by 100.000 million barrels per day to 28.8 million barrels per day.