Shake-out may be seen in global oil market next year

Shake-out may be seen in global oil market next year
  • Clock-gray 12:39
  • calendar-gray 23 February 2021

“We may see a shake-out in that industry, due to very high steel prices,” said SOCAR's chief trading officer Hayal Ahmadzada, APA-Economics reports citing Financial Post.

Even with Saudi Arabia and Texas producing, “the fear is that in 12 months there will be a shortage,” he said. “It will drive the price very high very fast.”

Ahmadzada added he expects the Organization of Petroleum Exporting Countries and its allies to taper production cuts and return to pumping crude at full tilt soon. Even so, it won’t be enough, he said.

Emil Ismayilov

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