Oil prices could go higher still: Paul Hickin

“The bullish trend in the oil market has resumed quite quickly. It is partly due to the fact that demand has been stronger and less affected by Omicron and lockdowns. Even in places like India and China, the demand has not been impacted much. That has been playing into the bullish sentiment,” says Paul Hickin, Director, S&P Global Platts.

There are a lot of moving parts here and perhaps certain aspects are playing out over the long term in terms of the shift to renewable energy. But in the very short term, there are geopolitical tensions in the Middle East. How does one understand the current context in terms of the supply scenario and the fact that demand has not been impacted like at the start of 2021?