Oil prices rose today, after the International Energy Agency released a report in which it said that “OPEC +” producers will need to increase their production in order to meet the demand that is heading to recover to pre-pandemic levels.
By 12:20 Moscow time, Brent crude futures rose 0.25% to $72.70 a barrel, and before that, contracts were trading in the red at $72.48 a barrel.
US West Texas Intermediate crude futures also rose 0.18% to $70.42 a barrel, and earlier, US crude was at $70.25 a barrel.
“Brent” is heading towards a weekly rise of 0.8 percent, while “West Texas Intermediate” crude is heading to achieve a gain of 0.9 percent.
Before that, the International Energy Agency reported that OPEC + oil producers will need to increase their production in order to meet demand, which is heading to recover, to pre-pandemic levels, by the end of 2022.
The Paris-based agency said that the “(OPEC +) group needs to open the taps so that global markets get adequate supplies,” adding that demand for oil is rising.
And she added, in her monthly report on oil: “In 2022 there is room for the 24 members of the (OPEC +) group, led by Russia and Saudi Arabia, to increase crude supplies by 1.4 million barrels per day above their target, for the period between July 2021 and March 2022.”
In a related development, the American investment bank “Goldman Sachs” expects Brent crude prices to reach $ 80 a barrel this summer, betting that the recent rise in the oil market will continue, as the distribution of vaccines against the Corona virus boosts global economic activity and demand for crude.
Source: Bloomberg + Reuters