Wednesday , June 23 2021

OPEC again raised its demand



The global economic downturn has been fueled by the growth of oil this year and the cost of production over the next year in OPEC.

OPEC experts predict a monthly report published Tuesday

The country's oil demand rose to 98.79 million barrels a year compared to 1.5 million barrels a year earlier.

Compared to the figure in October, it is less than 40,000 barrels per day.

Next year, oil consumption will rise to 1.20 million barrels a day. It's 100.08 million barrels. According to the latest data on oil fibers, it has fallen by 70,000 barrels.

In October, the world's biggest oil reserves stood at 99.76 million barrels. Compared to the monthly 440,000 barrels and annual growth of 2.1 million barrels. OPEC experts hope this year oil nations will increase their production, especially in the US.

Although the oil market is now in a neutral position, the next year's expectability of non-OPEC countries increases distribution of demand and calls for more demands, thus increasing the surplus consumption in the oil market

Analysis of the demand of oil companies by monthly slowdown and associated uncertainties in global economic growth.

OPEC world oil output fell by 33 percent in October Oil companies accounted for 32.9 million barrels of oil per day and 127 million more than September.

Photo: AFP

(60,000), Saudi Arabia (127,000) and the United Arab Emirates (UAE). (142,000) and Iran (156,000 barrels) decreased by 3,29 million barrels. Venezuela registered 40,000, Kuwait 33,000 and Nigeria with 17,000 barrels a day.

Oil consumption in OECD member countries is around 32.6 million barrels per day. Last year it was 900,000 barrels. The next year, it will fall to 31.5 million barrels, a 1.1 billion barrel drop.

OPEC countries increased their production to 310.000 million barrels in October to 66.86 million barrels.

The oil production is expected to increase to 1.31 million barrels per day to 59.86 million barrels per day and 2.23 million barrels to 62.09 million barrels.

Oil prices in OPEC rose to $ 2 per barrel This was the four-year high at $ 79.39.

London Brent price on the Intercontinental Exchange (ICE) London Bridge price was raised from $ 52 to $ 80. West Texas Intermediate West Texas Intermediate West Texas Intermediate (WTI) rose 67 cents to $ 70.76 a dollar in the Western Hemisphere. Increased by the end of October.

Tampin's words increased the price of oil

Oil prices dropped below $ 70 a barrel. Saudi Arabia did not plan to reduce oil exports in December last year.


Source link