My prediction is for oil prices to stay on the high side and soon it will rise to over $100 again. Most if not all countries are dependent on oil, especially after the post-covid recovery period as oil is much needed to drive their economies. The case of renewabke energy replacing oil can be seen as very remote. Yes it might replace oil one day but definitely not in the next 20 or 30 years I dare say. Countries are slow in adpting to electric vehicles and ICE vehicles will continue to compete with EVs. With the ongoing political tensions especially within the oill producing block, oil prices cannot help but will keep its sttength moving toward $100 and beyond. You can safely bet on that if you just look around at what countries are quarrelling about in trying to dominate the oil sector. US-China tensions are still on-going and the Russia-Ukraine war doen not look like it will end soon. These two huge factors can only mean one thing - oil prices will stay strong as ever. And if the oil producing countries decide to reduce their output, then you can see oil at $100 sooner than later.
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