Downward trend in oil price from higher production, falling demand in China and clean energy to continue
resulting from increased production, falling demand in China and the transition to clean energy is set to continue even if the conflict in the Middle East worsens.
Even so, overall commodity prices will remain 30% higher than they were in the five years before the Covid crisis hit in 2020, the report added.Governments seeking to raise more tax revenues from petrol and diesel sales, including the UK government, will also be reassured..
Fears that an escalation of the fighting in the Middle East region could send oil prices soaring had heightened in recent weeks since Israel escalated its attacks on Hezbollah in Lebanon. Other oil producing nations – some of them connected to Opec as affiliates in the Opec+ grouping – were likely to ramp up exports to boost their own revenues.
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