April 1, 2023

Dubai Week

Complete Dubai News World


Oil prices continue to rise in world markets

Brent crude brought the crude price above $ 80 a barrel on Tuesday, indicating the rapid growth in oil prices in world markets and the rapid growth in demand with falling commodities.

Bloomberg News reports that the price of benchmark crude in global markets has risen to its highest level since October 2018, ending trading near $ 80 a barrel before losing some of its profits, and the price of West Texas intermediate crude also rose.

This comes as an analysis by the Organization of the Petroleum Exporting Countries (OPEC), which says that as a result of the shift to more efficient and environmentally friendly technologies, global demand for oil will only increase until 2035.

After that, the company expects a recession, according to its annual long-term forecast issued in Vienna on Tuesday. In the short term, OPEC experts expect oil demand to increase in the coming years.

Due to the impact of the corona epidemic on the world economy, the average daily demand for oil fell from 9 million barrels last year to 91 million barrels, with 159 liters per barrel.

Consumption is expected to reach 101.6 million barrels per day by OPEC 2023, after which the rate will remain stable.

Earlier in the day, Brent crude was up 5% at $ 79.89 for November delivery, after hitting $ 80.75 a barrel. West Texas Intermediate crude rose 0.8 percent to $ 76.02 a barrel on the US oil scale.