Oil prices are expected to increase in the second half of 2023, according to the International Energy Forum.
Oil prices are set to rise in the second half of the year as supply struggles to meet demand, according to the Secretary General of the International Energy Forum.
McMonigle attributes the push in oil prices to increasing demand from China — the world's largest importer of crude oil — and India.
"India and China combined will make up 2 million barrels a day of demand pick-up in the second half of this year," the Secretary General said.
Asked if oil prices could once again spike to $100 a barrel, he noted that prices are already at $80 per barrel and could potentially go higher from here.
Persons:
Joseph McMonigle, we're, McMonigle, General, —, Brent
Organizations:
International Energy, International Energy Forum, CNBC, of, Petroleum, West Texas
Locations:
Goa, India, China, OPEC