In an interview with CNBC on the sidelines of the World Economic Forum held in Davos, Minister of Petroleum and Mineral Resources Tarek El Molla stated that he expects that the oil prices will be corrected towards the end of 2022.

“Due to the instability of the market with the Ukrainian crisis currently, I think that all of this is impacting the [oil price] decision. However, I see that prices will get corrected towards the end of the year.

During the interview, El Molla praised the wise leadership of OPEC and OPEC+, highlighting that they consider themselves to be key contributors to the energy transition.