00:00 Despite the tensions in the Red Sea, oil prices have declined due to the forced import of the oil according to Occidental Petroleum.
00:12 Occidental Petroleum expects to reduce the supply by the end of 2025.
00:17 It said that the reason for this is the failure of the world to replace the current reserves quickly, as about 97% of the oil produced is currently discovered in the 20th century.
00:30 Only 50% of the crude oil produced during the last contract has been replaced.
00:36 What does OPEC expect? It expects that the global demand for oil will increase by 1.8 million barrels per day by 2025,
00:48 where the growth of crude oil production exceeded 1.3 million barrels per day from countries outside the confines.
00:55 This prediction indicates a lack of oil supply in the event of the non-reinforcement of the oil production system.
01:03 It also expects the International Energy Organization to consume about 1 million barrels per day during the first quarter of 2024.
01:12 It expects the production of OPEC to increase by 700,000 barrels per day by 2025.
01:18 It expects some voluntary reductions by Saudi Arabia and other countries in the organization and its allies to compensate for the increase in production from countries outside the organization.
01:26 It expects the production of countries outside the organization to increase by about 800,000 barrels per day by 2025.
01:33 The tensions in the Red Sea should increase oil prices, but oil prices have declined.
01:41 Over the past 12 months, oil prices have declined by about 9%.
01:46 But why? According to the organization, there is a deficit in exports, as the United States, Brazil and Canada have increased the amount of oil to control prices.
