Oil price recovery continues despite insignificant
negative dips since last week, defying the gloomy outlook forecast by some
analysts.
The trend is important, especially, when the
powerful Green movement calls shots on every front of the energy sector.
As I instinctively noted many times before, the
fossil fuels are here to stay for a long time. It has been reported that in
Canada, even in 2050, more than 50% of the energy requirements are going to
come from fossil fuels.
The supply side of the oil equation is going to get
stronger as the political upheavals in the Middle East seem to be heading
towards a stable phase.
The ties between Israel and powerful Arab nations,
something that was unthinkable a few years ago, are going to improve irreversibly
with more surprises in the offing political stability will undoubtedly favour a
steady oil market.
In addition, under new US administration, Iran may
enter the market back again as well.
The steady supply of oil with improved industrial
activities in the post-pandemic world will go hand in hand in the coming months
with the ultimate goal in sight - global prosperity for all regardless of existing
regional inequalities, in the long run.
This is how the world made progressed during the
past few decades and there is no reason to believe that is not the case.
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