High crude oil price will destroy demand – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait News

High crude oil price will destroy demand – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait News

Will it surpass historical level of $146?

WILL the demand for oil reach its limit at some point and crash? Any figure on the price of oil would just be a pure guess, and will pass the level of reasoning. It wouldn’t include only oil but also the price of gas, which is ten times higher than what it was last year. No one ever thought of such levels for all types of commodities without exception, as oil is not there.

Neither OPEC nor its Plus partners will be able to meet our desperate need for new barrels. Undoubtedly, oil should top the list of the factors that are affecting all of us in every field including transportation, heating, electricity, and cooking. Gas is also playing a crucial role in the lives of Europe, which is 40 percent dependent on direct supply of Russian gas through pipelines, and 70 percent dependent on Russian oil supply.