On Monday, world oil prices are rising, hovering above $85 a barrel. The oil market was supported by OPEC+ comments on the prospects for production restrictions. The current Brent quotation is $85.20 per barrel (daily maximum – $85.77), the price of WTI oil is $84.08 per barrel (during the day the asset grew to $85.20). Today it became known that a number of OPEC+ members, led by Saudi Arabia, declared the need to maintain a cautious approach to the rate of increasing oil production. Since May last year, the OPEC+ alliance has cut production by 9.7 million barrels per day due to a drop in oil demand. As the situation stabilized, the terms of the agreement were adjusted. So, since August 2021, the alliance has increased production by 400 thousand barrels per day per month, hoping to gradually withdraw from its obligations by the end of September 2022. Analysts estimate the global demand for oil: now it has already reached 99 million barrels per day and will soon return to the dock level of 100 million barrels per day.
