“Traders expect the deficit to widen.
Because OPEC+ is in no hurry to change its plans.
As OPEC+ set the bar last summer that it would raise production volumes and allocate quotas by 400,000 barrels a month, this is how it works every month.
At the same time, prices are rising, but OPEC + is in no hurry to bring them down, satisfying additional demand,” Yushkov said.
He noted that "countries are recovering consumption."
“All kinds of quarantine measures are being canceled more and more.
Therefore, demand is recovering ... Although earlier in 2020, many predicted that the world would not return to 2019 consumption volumes and that the peak of oil had passed.
And everything turned out to be wrong.
Demand is growing and will continue to grow,” the analyst believes.
In his opinion, the market "most of all scares that quotas are growing, and countries are no longer physically able to produce so much."
“Because in 2020-2021 they did not invest in new projects.
This is the underinvestment and affects.
Old deposits are being depleted, and there is nothing to replace them... And many countries can no longer produce as much as they can produce according to quotas for almost half a year... Accordingly, demand is growing faster than production and there is a shortage.
As a result, the price is also growing, ”concluded the interlocutor of RT.
Earlier it became known that the price of Brent oil rose above $92 per barrel for the first time since October 7, 2014.