The global gas crisis casts a strong shadow on oil prices…...

Analysts expected that the price gains for oil would continue this week, after it ended last week’s trading on a rise, following the OPEC + decision to commit to a limited increase in production by about 400 thousand barrels per day on a monthly basis.
They told Al-Eqtisadiah that crude oil prices may face some temporary pressures if the United States uses the strategic reserves of crude oil to limit the rise in gasoline prices that burden the American consumer and enhance inflationary pressures in the global economy, stressing that the global gas crisis is still A strong shadow was cast on crude oil prices after the increasing dependence on petroleum products as an alternative to natural gas, while prices were negatively affected by the rise in US oil inventories last week and over two weeks.
In this context, Ross Kennedy, managing director of QHA Energy Services, says that crude oil prices are likely to rise after the OPEC + decision to adhere to gradual increases in production, with continuing doubts about demand in light of the renewed Corona injuries in many countries of the world, pointing out that OPEC+’s cautious approach is justified by the lack of investment and concerns about spare oil capacity for some countries.
He pointed out that some OPEC + producers were unable to meet production quotas in October due to difficulties and challenges as a result of production problems, including Angola and Nigeria, in addition to security concerns in Libya and sanctions imposed on Iran and Venezuela.
For his part, Damir Tesperat, director of business development at the international company “Technic Group”, says that the issue of easing sanctions on Iran is still in doubt despite the news of the resumption of nuclear negotiations at the end of this month. Therefore, the increase in Iranian oil supplies is not certain, and therefore the chances of higher prices It is still strong, especially since there are simultaneous production crises in Libya and Venezuela as well.
He pointed out that the United States does not have many alternatives to reduce gasoline prices, and shale oil companies may resort to boosting investment with withdrawals from stocks to overcome the crisis after a period of focus on compensating shareholders and caution in increasing supplies, noting that the small investments from outside OPEC, which gave the market some The additional oil is not enough to keep up with the widespread consumption, especially in the winter season.
While Peter Bacher, an economic analyst and specialist in energy legal affairs, expected that the strengthening of demand in Asia during the coming cold months would reduce crude supplies, noting that OPEC + had taken the appropriate decision to position the market according to its vision, and it considered the market well supplied and that the price hikes are the result of the repercussions of the crisis. The supplies are in the field of gas and coal and it is convinced that it has put enough oil on the market.
He expected that oil stocks would return to decline this week due to the continued production restrictions in OPEC + in exchange for a rapid recovery in demand, but producers are hedging against the possibility of Corona injuries exploding at a faster pace, in addition to expecting weak seasonal demand in the first quarter of next year due to the season of maintenance of American refineries.
In turn, Irvi Nahar, a specialist in oil and gas affairs at the international company “African Leadership”, says that OPEC + is firm in adhering to the crude oil production quotas according to the planned increase for the month of December. Short or long, despite prices stabilizing near three-year highs.
She pointed out that OPEC + will add a total of two million barrels per day by the end of this year, which suits the conditions of producers and enhances the market balance, especially with the continued exposure of demand for oil to pressure from Corona’s injuries in many parts of the world.