24-02-2025
Petroleum derivatives prices changes expected in March, says expert
Ammon News - Energy expert Hashem Aqel expected that the prices of some petroleum derivatives would be raised and others would be reduced locally, in March's pricing.
In a statements to Ammon, Aqel expected that the price of 90-octane gasoline and 95-octane gasoline would be raised by 5 fils per liter, and the price of diesel would be reduced by 10 fils per liter.
Aqel explained that these are the expected prices until Monday, and a geopolitical impact may occur that leads to a change in prices, but there are no indications of that, which confirms the accuracy of the expectations.
He also revealed factors that may later affect oil prices and lead to a sharp decline in them, which may reach less than $ 50 per barrel. The most important of these indicators are:
- Ukrainian-Russian war end is near and sanctions on Russian oil are lifted.
- The severity of geopolitical risks has declined.
- Chinese demand has declined sharply.
- OPEC's return to higher production levels with the abolition of the quota system and voluntary reduction.
- Lifting US restrictions on exploration and increasing US oil production.
- The entry of new producers into the oil markets.
- The major shift to renewable energy and electric cars.
