The ongoing strength in demand for fuel has helped push hydrocarbon prices higher. In a detailed discussion, Artem Deev, head of the Analytical Department at AMarkets, commented on the news that Brent crude surpassed 93 dollars per barrel for the first time since November 16, 2022. He noted that OPEC+ production cuts have contributed to the firmer price level, reinforcing the sense that supply discipline within the group is tightening the market.
Deev explained that if production cuts continue, the oil market will face acute shortages in the fourth quarter. He pointed out that, up to this moment, the market has absorbed the impact through increased output from non-OPEC+ producers, including the United States, Brazil, and Iran. Yet he warned that this buffer is wearing thin, and the full effect could become visible as those other supplies do not match the pace of the decline inside the alliance.
According to the analyst, major oil traders are actively stocking crude, a trend that tends to lift prices on other benchmarks after Brent moves higher. This stockpiling behavior creates a self-reinforcing cycle: as Brent leads, futures for other grades tend to follow, reflecting expectations of tighter overall market conditions and renewed concern over available supplies.
On the trading floor, Brent futures for November, recorded on September 14, climbed past 93 dollars per barrel in the late morning European session. The price held steady just after noon, standing at 93.07 dollars, an uptick of roughly 1.25 percent from the previous session. In the same window, West Texas Intermediate (WTI) futures rose about 1.32 percent to 89.69 dollars per barrel, mirroring the broader trend of demand-supported gains across benchmark crude markets.
Market commentary in recent days has highlighted the possibility of a global oil shortage rivaling some of the tightest periods seen in recent history. While Bloomberg had suggested a potential shortfall on the world market, observers stress the mixed signals that still exist from non-OPEC+ supply dynamics, geopolitical tensions, and evolving demand patterns. The current price action reflects a balance where buyers remain willing to pay up for certainty in a market where supply discipline from major producers is foregrounded and where the consequences of constrained output are increasingly felt across the energy complex.