ENERGY EXPERT PREDICTS INCREASED OIL PRICES DUE TO SUPPLY TIGHTNESS ON THE GLOBAL OIL MARKET

Energy Expert Boniface Zulu says local oil prices in the last two months of the year are likely to increase due to supply tightness on the global oil market.

OPEC and the International Energy Agency Last Friday both predicted supply tightness in the fourth quarter of the year, despite oil prices being on track for the fourth straight week of decline.

Commenting on this development, Mr Zulu explains that this move to supply less of the commodity on the international market is aimed at increasing demand and supply of fuel in order to make profits on the international market.

Mr Zulu says this will however cause local fuel to surge because Zambia does not locally produce petroleum and will need to negotiate just to have supply of fuel at an affordable rate.

He has since advised consumers to brace themselves for this surge adding that the market is likely to only shift into surplus at the beginning of 2024.