Oil markets will face ‘serious problems’ as demand from China and India ramps up, IEF secretary general says

CNBC/Charmaine Jacob/7-22-2023

artist rendering of oil platform in black and white“Oil demand bounced back to pre-Covid levels quickly, “but supply is having a tougher time in catching up,” said Joseph McMonigle, secretary general of the International Energy Forum, adding that the only factor moderating prices right now is the fear of a looming recession.”

USAGOLD note: Rising oil prices could have a profound effect on the inflation rate as it settles in, assuming McMonigle is right.

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