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Last week, the price of Brent crude futures for February rose above $50 per barrel, and WTI futures for January grew above $47 per barrel as well. The last time oil hit these levels was in March 2020. In other words, prices have returned to pre-crisis levels.
The COVID-19 pandemic that began in March of this year has brought down the world economy. The oil price slumped to the minimum. According to the International Energy Agency, oil demand dropped to 91.28 million barrels per day this year, while in 2019 it was 100.1 million barrels per day.
Later, oil prices started to rise thanks to the achievement of the new OPEC+ agreement on the reduction of oil production for the period from May 1 of this year to April 30, 2022. As a result, the countries were forced to cut output by 9.7 million barrels per day.
Analysts believe that Brent will trade at around $50 per barrel, WTI at around $47 per barrel in the first quarter of 2021.
Experts also noted that encouraging news about the vaccines against the coronavirus and the beginning of global vaccination contributed to the rise in prices. However, it is too early to say that the market has fully recovered, as there is still excess stocks, experts say.
However, oil quotes may be under pressure from a possible new surge in the coronavirus cases in Asia, a further decrease in demand for motor fuels in the United States and a sharper-than-expected growth in OPEC + production.
On Monday, oil futures remained stable and closed the session marginally higher. Nevertheless, restrictive measures in the US and Europe are holding back further growth. Today, oil is trading at $47.23 per barrel.
The Libyan National Company said on Monday that production had almost completely recovered to pre-crisis levels. Now, the production in the country is 1.28 million barrels per day, while at the end of December the production was at the level of 1.25 million barrels per day.
Global oil onshore reserves in December remain well above 2018 and 2019 levels. The most significant growth in onshore reserves was observed in China.
In addition, OPEC announced that the meeting of the technical committee was postponed to January 3 and 4.
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