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Oil prices reach $74 in light of fears of a new storm

Oil prices

Oil prices rose and reached levels of $74 a barrel in light of fears of a new storm in the United States.

Hurricane Ida halted production for days, and caused an imbalance in quantities as repairs continued for a while, which reduced US stocks.

The continuing protests of oil workers in Libya support the rise in oil prices.

Oil prices

OPEC+ continues to move forward with a limited gradual increase in supply by 400,000 barrels per day until next October, with a review of the situation at a ministerial meeting of the group to be held at the beginning of next month.

In addition to OPEC+ efforts, the United States and China are enhancing oil supplies by selling part of the strategic reserves and accelerating the pace of withdrawals from stocks.

After the positive international reactions to the monthly OPEC report yesterday, it was followed yesterday by the International Energy Agency report, which saw that global demand for oil is scheduled to rebound next month from the recent impact of the delta variant of the Coronavirus, expecting a decrease in production in the oil markets before end of the year if Iran remains under sanctions.

The report indicated that with the increase in restrictions in a number of countries since July to limit the rise in infections with the Coronavirus.

The International Energy Agency revised its estimates of global oil demand for the third quarter by 200,000 barrels per day in its last monthly report on oil markets.

Energy Agency

Despite weak demand in the third quarter, the International Energy Agency said it is now more optimistic about the news of the Coronavirus pandemic due to progress in the manufacture of vaccines and vaccinations and less restrictive social distancing measures in many countries.

While the report added that pent-up demand should support continued and strong progress in vaccination programs, which would record a strong recovery in the fourth quarter of 2021.

Meanwhile, the report raised the International Energy Agency’s estimates of oil demand in 2022 by 100,000 barrels per day to 99.4 million barrels per day.

It now sees that global demand for oil will rise by 5.2 million barrels per day this year and by 3.2 million barrels per day in 2022, which is a reduction of 105,000 barrels per day and 85,000 barrels per day, respectively.

The agency’s report comes a day after OPEC raised its forecast for global demand growth in 2022 to 4.15 million barrels per day, up from 3.28 million barrels per day, which is expected to exceed the global demand for oil before the epidemic levels in 2022.

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