OPEC forecasts an increase in demand for oil
Brent crude oil prices went up 18% in the past month.
Brent crude oil prices went up 18% in the past month. It was due to OPEC+'s decision to cut production by 1 million barrels per day. In addition to that, the US is seeing an increase in demand for petrol and other petroleum products ahead of the summer holidays. According to Bloomberg, demand is at its highest point since December 2021. The OPEC monthly report shows that the cartel is expecting an increase in the supply deficit within a year, which would result in further growth for oil prices.
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