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Oil prices in world grow as OPEC+ expects growing supply volumes in 2021

Source : 112 Ukraine

The growing price is also due to the news about second vaccine from Covid-19 to appear in near future
22:30, 17 November 2020

Reuters

The world oil prices began to grow, as the OPEC+ hopes to see increasing volumes of oil supplies in the next year. The growing price is also due to the news about the second vaccine from Covid-19 to appear in near future, writes Reuters.

"Brent crude rose 13 cents, or 0.3%, to $43.95 a barrel by 0958 GMT and U.S. West Texas Intermediate crude was up 10 cents, or 0.2%, at $41.44 a barrel," reads the story.

Experts believe Covid-19 and everything related to the pandemic will be affecting the forecasts in the first half of 2021. At best, in December 2020, the average oil price will make 40-45 U.S. dollars per barrel. 

Related: Ukrainian Ambassador to Germany demands to ban oil and gas supplies from Russia

“Developments with regards to a vaccine are constructive for oil demand in the medium to long term. However, for the near term it changes little, with still plenty of concern over the demand impact from the latest wave of COVID-19,” Reuters quoted Warren Patterson, the ING commodity strategist Warren Patterson.

On November 16, OPEC+ cut the volume of oil production by 7.7 barrels a day; in January, the group planned to increase the number by two million battels per day.

Related: Global oil demand gradually declining

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