Julio is an economist and civil engineer with over 20 years of experience in the energy field. His experience includes energy policy and data analysis for international organizations, governmental advisory services, and the construction of energy projects. Julio also has a passion for sustainable energy and project management, both supported by his postgraduate studies. Before joining KAPSARC, Julio worked as a senior energy consultant within different organizations. For over seven years, during his position as energy policy analyst at OPEC, he was one of the major contributors to the OPEC World Oil Outlook (WOO). His experience in both the governmental and private sectors, in the field and office, allows him to understand the dynamics of the energy sector.
Oil is an essential commodity with an almost perfectly inelastic demand, despite its volatile price. In recent months, fuel prices have declined significantly from approximately $120 per barrel (b) at the beginning of June to less than $85/b at the end of September. Experts and market commentators suggest that this steady decline is symptomatic of the onset of a global economic recession. But what are these recessionary concerns?9th January 2023