Bundesbank president warned of the risks of a oil shock linked to the conflict between Israel and Iran – installing the euro zone not to relax monetary policy, although inflation returned at 2%.
Since Friday and the beginning of Israel’s attacks against Iran, which in turn retalia, oil prices have risen in arrow due to the fear of Disturbances in the production and transport of black gold.
Despite the consequences of the attacks between Israel and Iran, which intensified during the weekend, they are still unknown, Bundesbank warned that a prolonged conflict could cause a accentuated climb of oil.
Oil prices only rose slightly on Monday morning after shooting up to 13% on Friday, when the first attacks from Israel to Iran occurred.
At about 7:20 am, the price of the West Texas Intermediate (WTI) barrel (WTI) climbed 1.15%to $ 73.82, and the North Sea Brent oil barrel rose 0.99%to $ 74.97.
“Peak theory” is over
On the same day, the organization of oil exporting countries (OPEC) stated that, Despite economic and geopolitical uncertainties, the world’s oil demand growth is maintained in 2025 and 2026.
Without referring to military climbing between Israel and Iran, the alliance of oil exporting countries predicts that the demand for black gold grows 1.3 million barrels a day by 2025, as last month, and estimates that consumption will be 105.1 million barrels per day by 2026, according to the report, which reevaluates its projections monthly to take into account the evolution of the economic situation.
In OECD, developed countries, the search for oil is expected to grow about 0.2 million barrels per day by 2025, while OECD demand is expected to grow more than 1.1 million barrels per day (MB/D) by 2025.
In 2026, it is also expected that worldwide search of oil grows 1.3 million barrels a day, with even stronger growth in OECD-belonging countries (1.2 million barrels a day compared to 0.1 million barrels a day to the OECD zone), reaching 106.4 million barrels per day.
On the side of the offer, production in OPEP countries is expected to increase 0.8 million barrels per day by 2025, as happened last month to a total of 54 million barrels per day.
“Oil demand is reaching new records every year”Dise the Secretary General of OPEC, Weaam al-grisat a round table of the Energy Asia conference in Kuala Lumpur, Malaysia, stating that “the theory” of the oil peak “has come to an end” and “proved to be wrong once and again.”
However, it did not address the issue of military escalation in the Middle East, with Iran and Israel to perform cross attacks, and refused to answer press questions about the possible repercussions on the supply of black gold.
