17 minutes agoOil prices on world markets rise
Periskopi(3 years ago)
(3 years ago)In the world oil markets, barrel prices rose for the seventh week in a row last week, marking the largest increase since the beginning of 2022, after the International Energy Agency warned of ever closer supply. In the London market, the price of a Brant barrel rose week [...]
In the London market, the price of a Brent barrel rose by 0.5 percent last week to $88.81, but with the same increase rose the price of barrels on the American market, closing the week to $83,19.
The price of crude Brent oil has been at the highest level since January, and that American UTI since the beginning of the year. The last time oil prices rose for seven weeks in a row was January-February 2022, in the wake of Ukraine's Russian occupation.
The rise in oil prices was supported by the IEA's assessment published Friday that the global oil demand reached a record 103 million barrels a day in June and could achieve a new record in August.
The Oil Exporting Organization, in its monthly forecast, reiterated its estimates of annual oil demand, expecting an increase of 2.25 million barrels a day to 2024, compared to 2.44 million barrels a day in 2023.
On the part of the bid, production has slowed significantly in recent months due to voluntary production cuts in Saudi Arabia and Russia. The Organisation of Exporting Oil Countries (OPEC) and its allies, collectively known as the OPEC+, began cutting the bid at the end of 2022 to strengthen the market, and in June extended the cuts by 2024.
If current objectives of the OPEC+ are maintained, oil inventorys could fall by 2.2 million barrels a day in the third quarter and 1.2 million barrels a day in the fourth quarter, potentially causing another price increase, predicted IEA on Friday.
