The specialist said that the increase in oil prices in early February is associated with the decision of the OPEC + countries to reduce oil production in February and March by 1.4 million barrels per day.
“From February 1, the Saudis began to fulfill their promises to further reduce (oil production -
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) by 1 million barrels (per day -
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).
This is a plus for the market, a factor that confirms the intention to comply with all agreements ... Those restrictions that were made in the framework of OPEC + are being fulfilled.
Accordingly, the forecasts for the volume of oil deficit have changed, ”Pikin said.
The expert called the expansion of vaccination programs around the world as another important factor influencing the price of oil.
In the future, according to Pikin, we should expect an even greater rise in oil prices.
“We will soon see $ 60 or more, as most of the forecasts say.
Due to the fact that last year everything was limited, investments were limited and a certain foundation was laid so that in the future the supply would grow rapidly, ”the expert explained.
The price of Brent crude oil during trading on February 2 rose above $ 58 per barrel from February 21, 2020.