It has been ignored in recent days by international prices of the slow , supporting it upwards and those of . Specifically, the Brent contract rose this week from $80 to $85 per barrel, while the American WTI to $81. The increase is mainly attributed to demand estimates this year, as after last year’s historical record, it is projected to break it again in 2024 to 103.2 million barrels. This is the assessment of the International Energy Agency, and similar forecasts have also been formulated by other bodies and analysts. Already in the first two months of the year demand appears increased by 270,000 barrels/day, while it is particularly increased in the case of petrol that does not appear to be affected by the development of electric vehicles. Meanwhile, global crude commercial reserves retreated by 38 million barrels in February, having lost 180 million barrels since July. IA warned that in the oil market there will be a shortage this year, while OPEC+ it is expected to expand its production cuts for the remainder of the year. Based on the above, an image is formed that supports high prices. It remains to be seen where they will find the new point of balance.
Why are oil prices rising again – In red the supply and demand balance
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