Prices rose amid OPEC forecasts for oil demand growth estimates in the current and next years.
World oil prices rose moderately on published OPEC data on market consumption demand. This was confirmed by the trading results on Tuesday, September 12.
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Thus, Brent oil for November delivery on the London ICE Futures exchange rose by $1.72 (+1.90%) to $92.36 per barrel. The $92 threshold was crossed for the first time since November 17, 2022.
In turn, futures for WTI oil for October delivery on the New York Mercantile Exchange rose $1.96 (+2.25%) to $89.25 a barrel.
Earlier today, OPEC maintained its estimates for oil demand growth in 2023 and 2024 for the third month in a row. The organization believes that oil demand will increase this year by 2.44 million barrels per day compared to 2022, and in 2024 it will increase by 2.25 million bpd.
We remind you that a week ago oil exceeded the psychological level of $90. This happened due to the decision of Saudi Arabia and Russia to extend voluntary production cuts until the end of 2023.
As you know, in the first half of 2023, Russia’s oil and gas revenues fell by almost 50%. The aggressor country tries to stimulate higher oil prices. In early July, Moscow announced a reduction in oil exports to foreign markets.
Source: korrespondent
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