Friday , May 27 2022

oil and oil prices at their highest level in 3 years?


During the month of October 2021, crude oil prices saw a momentum, hitting the first 80 euro at $ 80 a barrel in 3 years, in light of the demand for the economy to shift toward a resurgence of the economy.

According to a report by the Kamco Investment Company, record prices of gas prices in many regions of the world and a lack of coal supply have led to electricity companies turning to crude oil for fuels to generate electricity, which is due to rising demand. Helped Oil.

Many alternatives such as diesel and fuel oil are in demand, especially in the Asian market.

Prices reached a strong forward momentum in October 2021, with prices above $ 80 per barrel before October 2018.

Brent crude futures contracts were trading close in the near term, and reached the highest level in three years at $ 85 per barrel the week of October 2021.

The report indicated that the shortage of fuel that Europe is currently facing is worse than the reason for the diesel demand in the world.

As a result, the International Energy Agency says the impact of the natural gas crisis on the oil market could help fuel demand rise by 0.5 million barrels per day over the next six months.

The report indicates that the arrival of winter weather in the Northern Isles next month has helped the situation to continue to operate, in addition to the possibility of low temperatures below normal levels, which has led to an increase in gas storage and heating oil.

On the other hand, supply control remained this, reporting a slight increase in OPEC reporting and production while US producers were also halted by recording the production and recording of normal production.

According to the report, the demand for oil has not fully reached its peak yet, as some use sectors, for example industrial fuel and jet fuel, have not yet reached the level of Code 19. General Chat Chat Lounge

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