Latest International Oil Prices 2024 | Expected Oil Supply Crunch from 2025

The Latest News About the Oil Prices in the International Oil Market: Oil prices look steady after recent fluctuations.

Summary of International Crude Oil Prices (USD):

Futures 17-Jan-2024 16-Jan-2024 15-Jan-2024 12-Jan-2024 11-Jan-2024 10-Jan-2024
WTI Crude 72.54 72.4 72.68 72.02 72.39 71.38
Brent Crude 77.99 78.29 78.15 78.29 77.41 76.80

 

The Occidental’s CEO anticipates Oil Supply Crunch from 2025:

As development for longer-producing crude sources is expected to outpace demand growth, the world will run out of oil starting in 2025, according to Occidental Petroleum CEO Vicki Hollub, who made this announcement at the Davos meeting on Tuesday.

According to Reuters, Hollub stated that for the majority of the 20th century’s second half, oil corporations discovered five times as much petroleum as the world’s consumption. In recent decades, the ratio of discovered resources to demand has decreased, currently standing at about 25%.

The CEO of Oxy stated, “In the near term, the markets are not balanced; supply and demand are not balanced.”

WTI Crude Weekly Statistics:

 

Brent Crude Weekly Statistics:

 

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