Crude oil prices to hold steady in 2024, global energy crisis expected in late 2020s

Barring a geopolitical escalation, crude oil prices are expected to remain steady in 2024, according to Dr. Anas Alhaji, a prominent economist. However, he predicts a global energy crisis in the late 2020s, driving prices much higher. The Red Sea has become a crucial area due to Russian oil exports and traffic from Gulf states and China. Egypt's economy is at risk if the Suez Canal faces disruptions. Meanwhile, the geopolitical tensions and conflicts in the region pose stability risks. Anas expects oil prices to stay within a range, with potential fluctuations due to geopolitical events.