According to the expert, the increase in oil prices is primarily due to the increase in its deficit.
He explained that there are fewer coronavirus restrictions in the world, while people move more often.
“Due to the fact that Russia, the European Union and the United States close their airspace to each other, many flights will be even longer, the parties will fly around each other and, accordingly, consume more kerosene,” Yushkov said.
The analyst also added that flights are becoming more expensive, so even in this segment, the consumption of petroleum products is increasing.
“Many countries can no longer increase the volume of oil production, because in previous periods, in 2020-2021, there was a total underfunding of the oil industry.
No one was investing money in new projects, even in maintaining production at old projects.
As a result, we see that many OPEC + countries cannot produce as much as the quotas allow, ”the source explained to RT.
In addition, geopolitical tensions also affect prices, the specialist said.
“I think that at the current $100-110 per barrel, $10-15 is such a geopolitical margin,” the analyst concluded.
Earlier it was reported that the price of WTI crude oil exceeded $110 per barrel.
Since February 28, the European Union has banned Russian aircraft from landing, taking off or flying over its territory.
Rosaviatsia, as a response to the ban of the EU member states on the operation of flights of Russian aircraft, closed the sky for airlines of 36 states.