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KUWAIT CITY, Nov 17: The CEO of the Quorum Center for Strategic Studies and Economic Research Tariq Al-Rifai stated that the significant change in oil prices during the recent past and its rise to exceed $80 per barrel came as a result of the error and imbalance between supply and demand, as oil consumption is greater than production, reports Al-Anba daily. In an exclusive press statement, Al- Rifai stressed that the absence of a second agreement for the OPEC-Plus group or the delay in its contract to determine the volume of production among countries will contribute to further increases in the oil prices, especially since the United States’ production of shale oil needs months to return to its state prior to the COVID-19 pandemic.
It is currently being produced at approximately 11 million barrels per day, compared to 13 million barrels before the pandemic. This means that the United States needs a longer time to restore production to its previous state, as oil prices are expected to reach $ 100 per barrel before the end of this year.