In an ever-changing world with a global market that appears to be increasingly shifting towards renewable energy sources, the future of oil and therefore also crude oil prices remains uncertain. But uncertainty is present also within the oil market itself as the role of organizations like OPEC becomes ever more questionable as well.
Namely, people in the industry are beginning to ask themselves: Can OPEC still influence oil prices? So far, the decisions of OPEC and oil prices have always gone hand in hand. But at this point in time, the organization has actually proven to have less of a hand in the oil price analysis now than ever in the past four decades.
Among other things contributing to this change in the market is the increased presence of non-OPEC oil producers, such as the US. Then another factor likely to heavily influence the oil price forecast henceforth is the aforementioned shift of focus away from petrol.
Watch the full video for a detailed glimpse into the oil price in 2020, and don’t forget to hit ‘Like’. And for more trading content and the latest developments on the global market, be sure to subscribe to the Capital.com channel.
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