Global oil markets are at a “critical turning point” as low investment, economic uncertainty, and rising crude supplies deepen what industry leaders describe as the “triple energy challenge,” according to a top Arab energy official.
In an interview with Independent Arabia, Jamal Al-Loughani, secretary-general of the Arab Energy Organization, formerly OAPEC, said that geopolitical and trade tensions, coupled with shifting economic policies, are weighing on global oil demand, even as production climbs.
“Global oil markets are currently witnessing a critical turning point, especially in light of the uncertainty surrounding the global economy,” Al-Loughani said.
He pointed to a range of macroeconomic and geopolitical risks, including signs of slowing growth in China, volatility in US trade policy, weak economic growth in Europe, and tensions in key production regions.
He said that escalating conflicts in the Middle East drove futures prices above $80 a barrel in mid-June — their highest since early 2022 — before easing after a ceasefire agreement.
