Hala Arafa - Broadcast:

This week, the International Energy Agency expressed surprise at the strength of oil demand, after its previous expectations of a slowdown in demand growth based on the massive growth in wind and solar power generation capacity and the strong increase in the use of electric vehicles, which will directly affect the demand for oil.

The “Covid-19” pandemic during the year 2020 caused the closure of many countries of the world, and many energy industry observers believed the end of the era of oil dominance; Where they expected that the demand for it would witness a continuous decline, but that two years after the outbreak of the pandemic, oil consumption rose again with the return of economies to openness and growth, and some of the largest economies in the world witnessed a recovery in demand for oil to pre-pandemic levels and even exceeded them. Sometimes.

In the same context, the demand for oil remains strong despite the new fears of the spread of the “Omicron” mutator, and analysts still expect oil prices to rise as a result of strong demand in light of limited production capacity, and insufficient investment in new production.

The Organization of Petroleum Exporting Countries “OPEC” and the “International Energy Agency” have confirmed that the world needs more new oil discoveries. Despite this, the major oil companies are working to curb their oil production due to the pressures of shifting to new and renewable energy

As a reminder, 3 countries have competed for the top spot in the list of countries with the highest daily oil production, namely Saudi Arabia, the United States of America, and Russia for more than 50 years, according to global statistics.