Cheap oil is history
As demonstrated in our economic panorama, oil prices will remain high in the short and medium term, driven mainly by the coordinated action of Russia and Saudi Arabia. What we need to remember about the BRICS+ expansion is that the United States is losing influence over the oil market. This trend is set to continue over time, so when it comes to devising your investment strategy for resources such as oil and gas, it is the BRICS+ interest and strategy that you need to analyse. The rise in prices, while not free from fluctuations, should be sustained over the long term by the increasing scarcity of these resources, Saudi Arabia’s desire to develop its non-oil growth, the energy transition and economic sanctions. The era of cheap oil is probably behind us.
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