Oil extraction – illustration photo.
Cairo – Oil demand will continue to increase this year, reaching nearly 102 million barrels per day worldwide. This means that it will exceed the level where it was before the covid-19 pandemic. This was said today by the Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), Haisám Ghais. According to him, the demand will grow in the coming years as well.
“OPEC remains committed to supporting the stability of the oil market,” the head of the oil cartel told an energy forum in Cairo. By 2025, according to the cartel's current forecasts, demand will reach approximately 110 million barrels per day.
Russia announced on Friday that it will reduce oil production by 500,000 barrels per day next month, which it justified by the decision of Western countries to apply price controls on Russian oil ceiling. The West rejects Russian oil as part of the sanctions imposed on Moscow for its military aggression against Ukraine.
OPEC is a member of 13 countries, which satisfy roughly one-third of the world's demand for this raw material. Russia is not a member of OPEC, but it is part of a group of cooperating countries, together with OPEC, called OPEC+.
Despite Western sanctions, Russia is able to find new markets for its oil and other raw materials, especially in Asia. Last year, when sanctions were already in place, oil production in Russia rose by two percent to 10.7 million barrels a day, Reuters reported. Russia increased. North Sea Brent, which is the main measure of the development of oil prices in the world, rose by more than two percent above 86 dollars per barrel. In a week, it is more expensive by more than eight percent. OPEC sources and some analysts expect the price to return above $100 per barrel this year.