The stable demand for fuel caused an increase in hydrocarbon prices. In an interview with RT on this subject reported AMarkets Analytical Department Head Artem Deev evaluated the news that the price of Brent oil exceeded 93 dollars per barrel for the first time since November 16, 2022. According to the expert, OPEC+’s supply cut also played a role in this.
“The reality is that further reductions in production will lead to significant oil supply shortages in the fourth quarter. So far, this impact has been offset by increased supply from non-alliance producers, including the United States, Brazil and Iran. But now it will manifest itself at the maximum level and could lead to a significant shortage in the market,” Deev explained.
According to him, major players are now trying to stockpile oil, so the prices of other brands will start to increase after Brent.
The price of November futures contracts of Brent oil on September 14 at 13:49 Moscow time exceeded at $93 per barrel. As of 14:00 Moscow time, it continued its rise and rose to $93.07 (+1.25%). At the same time, WTI rose 1.32% to $89.69 per barrel.
Previously Bloomberg guess The biggest oil shortage on the world market since 2007.