Oil prices are predicted to be around $80 per barrel

"In 2024, oil prices will fluctuate between $70 and $90 per barrel, and despite the slowdown in China, demand will increase by about 1 million barrels per day compared to the previous year," Azernews reports that Shunichi Kito Idemitsu Kosan, president of the Japanese oil corporation, said in an interview with Nikkei newspaper.

According to him, in 2023, the demand for oil increased against the background of the recovery of the global economy after the pandemic.

The businesspersons believe that "oil-producing countries, primarily Saudi Arabia, need the price of a barrel of oil to be around 80 dollars in order to maintain the budget and carry out structural reforms. The businessman thinks the oil price will vary between $70 and $90.

According to the forecasts of the International Energy Agency, in 2024, global oil demand will reach 103 million barrels per day.