The growth of oil prices accelerated during trading on Tuesday after the publication of the OPEC forecast.
Oil demand in 2022 will increase by 3.36 million barrels per day compared to last year – up to 100.29 million b/d, according to OPEC’s monthly report. Experts have maintained the overall estimate of oil consumption in both 2021 and 2022.
At the same time, the organization lowered its consumption estimate in the second quarter of 2022 by 250 thousand b/d, to 98.44 million b/d. Accordingly, for the 3rd and 4th quarters, the demand forecast was increased by 110 thousand b/d and 130 thousand b/d, respectively. Thus, in 2022, the demand for oil will exceed the “docklike” 2019 by 0.1 million b/s.
In addition, the market is waiting for weekly data from the American Petroleum Institute (API) on energy reserves in the States and official data from the US Department of Energy. Analysts surveyed by Trading Economics expect that oil reserves for the past week decreased by 1.2 million barrels, and gasoline – increased by 841 thousand barrels.
August Brent futures on the London ICE Futures exchange rose by $2.76 (2.26%) to $125.03 per barrel by 17:37 Moscow time.
The price of WTI futures for July on the New York Mercantile Exchange (NYMEX) has increased by this time by $2.54 (2.10%) to $123.47 per barrel.
The expert believes that oil has resumed growth against the background of further deterioration of the supply situation on the market. The Libyan authorities report a drop in production to 100 thousand barrels per day, although a few months ago this country produced up to 1.2 million barrels per day. The reason for the decline in production and exports, as always, is another internal political crisis, the expert explains.
At the same time, OPEC assumes that global oil demand will exceed the 2019 figure this year.
By this minute, Brent is rising in price by -1.73% to $ 120.60 per barrel, Light is in the black by 1.84%, rising to $ 123.15.