Crude oil prices have plummeted today.
Brent crude oil price has fallen below $70 per barrel for the first time since December 2021. Even OPEC+, which had been overly optimistic about the recovery in crude oil demand, has revised its forecast.
Although it still seems far from reality, the market is confirming that they had no choice but to accept the current situation.
China’s economic slowdown is likely to continue next year, and concerns about economic slowdown are increasing in US. Europe is not doing well either, and there is not a single Asian country excluding China that is doing well.
It does not seem very likely that crude oil demand will increase significantly to its previous level. Electric vehicles and renewable energy production are increasing significantly every year.
Now, the old regime based on crude oil supplies may be slowly fading away. It was a day when these numbers began to show up, and the feeling comes stronger.
However, it is necessary to recognize that the outlook for a decrease in demand and the adjustment of actual production do not always…
