The global demand for fuel will reach the dagedmium level by the beginning of 2022, predicted traders and oil producers, reports Reuters.
According to the HESS forecast, the global oil demand will reach the da 100 million barrels per day by the end of 2021 or the first quarter of 2022. The International Energy Agency (IEA) expects that global oil demand will be an average of 96.1 million barrels per day in 2021 and 99.4 million barrels per day in 2022, compared with 90.9 million barrels per day at 2020 year. OPEC expects the demand will be an average of 99.70 million barrels per day in the fourth quarter of 2021.
Brent oil futures jumped more than 50 percent this year until the highest level from October 2018, which contributed to the restoration of fuel demand and reduce supplies from OPEC +. The level of consumption of gasoline and diesel fuel indicate an increase in demand, although it affected him the emergence of new cases of coronavirus infection. Nevertheless, progress in vaccination programs, according to IEA, will contribute to the restoration of demand. For this reason, the IEA predicts the steady growth of the industry, indicates the agency.
Against the background of growth in demand for fuel in September, oil prices are growing. At the borings on September 27, the cost of Brent oil jumped up to $ 79 per barrel, reaching a maximum since November 2018. The price of the WTI brand added 1.3 percent, reaching the cost of $ 75 per barrel. The rise in price was helped by reducing oil reserves in the United States to a minimum for three years due to low production in the Gulf of Mexico after two hurricanes.