Oil price outlook during fear of recession: 'Business Extra'

Ole Hansen, head of commodity strategy at Saxo Bank, joins this week for a check on the energy markets

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Oil prices inched higher this week as big producers hinted at capacity limits and as an effort to cap Russian oil prices by western governments began.

Meanwhile, the global economy is “teetering on the brink of recession”, according to the International Institute of Finance, as the war in Ukraine, the continuing Covid-19 lockdowns in China and a hawkish US Federal Reserve weigh on activity.

In an action-packed week in which the G7 summit is concluding while Opec+ prepares to meet and US President Joe Biden makes his way to Saudi Arabia, what effect will these events have on the outlook for 2022?

Joining hosts Mustafa Alrawi and Kelsey Warner, Ole Hansen, head of commodity strategy at Saxo Bank, explains how long he expects high oil prices to last and the forces most likely to affect energy markets this year. He also discusses the impact on the green transition and commodities prices during the current food crisis.

In this episode

The market right now (1m 2s)

Durability against recession (3m 40s)

Could there be a drop in demand? (7m 19s)

Would the G7 cap prices? (9m 56s)

Biden's visit to Saudi Arabia (11m 44s)

The gas market (14m 28s)

Outlook for the rest of 2022 (17m 8s)

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Updated: June 30, 2022, 3:50 AM