Oil is rising

The Jobkins Center for Strategic Studies released its monthly report on oil for January 2025, where it records a rise above the barrier of 81 dollars per barrel in light of OPEC forecasts that there will be a convergent increase in demand for 2025 and 2026 by 1.4 million barrels per day.اضافة اعلان

It is noteworthy that the current OPEC member countries are: Saudi Arabia, the United Arab Emirates, Kuwait, Iraq, Iran, Algeria, Libya, Nigeria, Congo, Equatorial Guinea, Gabon and Venezuela, while the countries participating in the OPEC plus alliance and not OPEC members are Russia, Azerbaijan, Kazakhstan, Bahrain, Brunei, Malaysia, Mexico, Oman, South Sudan and Sudan, where OPEC countries pump to the markets more than a quarter of global production and the OPEC plus countries pump about half of global production.

The rise in prices may be among the following reasons:
1. The rise of logistics transportation in general since the outbreak of the Russian-Ukrainian war.
2. The sanctions imposed by the United States on Russian oil revenues recently.
3. The decrease in oil supplies to OPEC countries as a result of voluntary cuts.
 4. Recent US jobs data.
 5.Chinese oil demand rose to 16.8 million barrels per day.
6. India's annual increase in oil is 6%.

Whereas Mohannad Abbas Haddadin, director general of the center, an expert, strategic and economic analyst, added: " All this may be more stressed on oil extraction in the world for the coming years, as a result of the climate changes that the world is beginning to touch and there is a clear challenge through drought and fires, especially in the United States in the state of California, whose losses have been estimated up to the date of this report at 275 billion dollars, and this will lead to the closure of many refineries and international oil extraction lines to impose additional taxes on them, especially the old ones.

  But on the other hand, the subjection of oil-dependent industries to a series of reciprocal tax measures between industrialized countries when Trump takes over his new administration, raising taxes on imports leads to the accumulation of goods and reduction in production lines, which leads to less demand for oil."