Monday , July 26 2021

The rise in oil prices in the world broke the records of October / News /

The oil market reacted positively to the report of the International Energy Agency (IEA) on a marked reduction in oil production in developing countries. OPEC in December.

Since the beginning of the week, futures for Brent and WTI rose by 2.3%. Both brands completed positive growth for the third consecutive time, for the first time since October, due to expectations that production cuts OPEC+ and active demand for fuel will lead to a balancing of the world oil market.

Futures in WTI for February in the electronic trading session of the New York Mercantile Exchange (NYMEX) by this time rose in price to $ 52.41 a barrel.

Estimated IEA, OPEC reduced oil output in December by 590,000 barrels a day to 32.39 million b / d, the lowest level since July. Including Saudi Arabia reduced production by 420,000 b / d – to 10.64 million b / d, Iran – by 170,000 b / d, to Libya – by 120,000 b / d.

In addition, the agency maintained its projection for oil demand growth in 2018 from 1.3 million b / d to 2019 at the level of 1.4 million barrels per day.

"It seems that the market is moving towards equilibrium, and later in the first half of the year there may be a deficit," believes the head of the oil and oil market sector. IEA Neil Atkinson.

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