The World Bank warns of a historic oil oversupply that will drive down prices, benefiting consumers but creating challenges for oil producers and developing nations.
We're headed for a historic supply-demand gap in oil markets, the size of which has only been seen twice since the mid-nineteenth century, when the oil industry was born. A report this week from the World Bank has set off alarm bells about a coming oil glut that has the potential to seriously disrupt global economics and trade patterns. 'Next year, the global oil supply is expected to exceed demand by an average of 1.
' This market fluctuation could provide some real relief to consumers in the near term, who are still feeling the squeeze of blistering post-pandemic inflation rates. The World Bank warns that commodity prices will not sink as low as pre-pandemic levels, but they are projected to hit a five-year low, with major dips in prices at the gas pumps and in grocery stores. Prices are expected by fall 10% as soon as 2026.
World Bank Oil Prices Energy Market Supply And Demand OPEC Non-OPEC Geopolitical Tensions
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