Faced with the recent turbulence in crude oil market prices, industry giants have spoken out that if demand does not weaken, oil prices are unlikely to fall. Oil companies need time to "catch up" the investments needed to ensure there is enough oil supply, and the global oil mark

2025/07/0914:27:35 hotcomm 1947

Faced with the recent turbulence in crude oil market prices, industry giants have spoken out that if demand does not weaken, oil prices are unlikely to fall.

ExxonMobil CEO Darren Woods said on Qatar on Tuesday that there was a lack of investment since the pandemic began. Oil companies need time to "catch up" the investments needed to ensure there is enough oil supply, and the global oil market may continue to tighten in the next three to five years.

Woods's point of view is not isolated. Russell Hardy, the world's largest independent oil trader, pointed out on Tuesday that despite the current signs that demand is suppressed by high oil prices, oil prices are unlikely to fall unless demand really weakens: demand for gasoline and aviation fuel in the market has not yet returned to its 2019 level.

This has a considerable support for the price.

Hardy believes that the Russian-Ukrainian crisis will reshape the global crude oil trade landscape: more Russian crude oil and products will flow to the Asian market, while European energy product demand will shift more to Middle East purchases.

Due to factors such as the conflict between Russia and Ukraine, oil prices have soared nearly 50% this year, reaching about US$110 per barrel. This further pressure on the oil market, which is already difficult to increase production at a speed fast enough to meet the recovery of post-epidemic demand.

Faced with the recent turbulence in crude oil market prices, industry giants have spoken out that if demand does not weaken, oil prices are unlikely to fall. Oil companies need time to

But after Feder strong hike rate last week, the crude oil market experienced certain fluctuations. After a sharp pullback last Friday, WTI and Brent crude oil have fallen to a low since late May. Concerns about recession are replacing panic about insufficient supply, dominating market performance in oil prices. investors are worried that the Fed's continued interest rate hike may eventually lead to a recession and affect energy demand.

Wall Street investment banks including Bank of America and Nomura have sounded the alarm for the US economic recession. Nomura expects the United States to fall into recession in the fourth quarter of this year. Given inflationary pressure, the Fed cannot pause interest rate hikes even if the economy falls into recession. The bank expects the Federal Reserve to continue interest rate hikes until 2023, and the federal benchmark interest rate will eventually reach 3.50-3.75%.

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