Tuesday 13th April 2021 12:00 AM
Oil prices rose on Monday, as Brent crude recorded an increase of 0.38% to reach $ 63.19 a barrel, and US West Texas Intermediate crude rose 0.22% to reach $ 59.45 a barrel.
On the other hand, the International Monetary Fund expected that the economy of oil-exporting countries would recover during the second half of this year, and the report said that the increase in oil prices and the publication of Corona vaccines support the economic situation in the producing countries.
The report indicated that the rise in oil prices will give a boost to confidence, which will support non-oil GDP, which is expected to rise by 3.3% in 2021, while oil activity will remain weak in the short term, as a result of restrictions on production in light of “OPEC +” agreements and the continuation of US sanctions on Iran.
For his part, the OPEC report expected a decline in global demand for oil during the first quarter of 2021 to reach about 93 million barrels per day, a decrease of 1.2% compared to the levels of the previous quarter, as the demand of the Organization for Economic Cooperation and Development is expected to increase by 0.8% to reach about 43.3 million barrels per day, while demand for the rest of the world is expected to decrease by 2.8% to reach about 49.7 million barrels per day.
The report on petroleum developments in global markets indicated that global demand for oil is expected to rise during the second quarter of 2021 to reach about 95.6 million barrels per day, as the demand of the group of OECD countries is expected to rise to about 44.7 million barrels per day, as is expected. The increase in demand from the rest of the world to about 50.9 million barrels per day.
The report, issued this month, added that preliminary estimates indicate a decrease in global oil supplies during February 2021 by about 1.150 million barrels per day, or 1.2% compared to the levels of the previous month, to reach about 91.8 million barrels per day, as the total supply of the producing countries decreased. Non-OPEC by 0.8% to reach about 61.8 million barrels per day, and OPEC member states ’supplies of crude oil and natural gas liquids decreased by 2.1% to reach about 30 million barrels per day.
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