Oil prices will remain high in the coming years due to the redistribution of supply in global markets, not even a possible decline in demand will affect its cost, analysts at Wood Mackenzie predict.

“Lower demand will ease market tensions, but the cost of oil will remain high: a new and less efficient trade equilibrium means prices will remain at current levels before going down. Going forward, they will continue to be higher than we had assumed before the war. At the same time, the price per barrel of Brent will roll back to $85-90 only by 2025, and refining margins in Europe will remain high until 2030,” Wood Mackenzie said.

Analysts note that the established high oil prices are pushing global demand down. According to their forecast, by 2030 it may decrease by 2 million barrels per day.

Wood Mackenzie also notes that Russia, despite Western sanctions, has been able to redistribute oil supplies by convincing buyers in other countries, primarily India.

“The direct ban on imports from Russia to the EU only accelerates the redistribution of trade in oil and oil products that has already begun,” the report said.

According to analysts, the redistribution of supplies could be completed without extreme consequences for oil supply and prices by the end of the year.