Timing for restoration of Middle Eastern oil production and exports estimated

It will take some time to fully restore production and exports of Middle Eastern oil. This was reported by Reuters with reference to the forecast of the US Energy Information Administration (EIA).

Both indicators, analysts expect, will gradually reach pre-war levels towards the end of the year. The situation will improve as shipowners adapt to alternative routes for the delivery of raw materials and manufacturers switch to a scheme for transshipment of raw materials from ship to ship.

These factors, the EIA notes, will contribute to a gradual decline in world oil prices. Next year, experts predict, the average price of the North Sea benchmark Brent will fall to $84 per barrel. The dynamics will be affected, among other things, by the increase in oil shipments from Saudi Arabia, which is one of the main players in the global commodity market.