The more positive forecast for the demand for oil from the world’s largest oil company Saudi Aramco will do the oil prices well on Monday. According to publicly quoted Saudi oil, demand for the raw material will pick up this year, despite all the troubles countries and regions worldwide are struggling with.
In Asia, oil consumption is almost back at pre-crisis levels, according to Aramco-topman Amin Nassar in an explanation of the half-year figures. According to him, the demand for oil is currently around 90 million barrels a day, compared with pre-pandemic levels of roughly 100 million barrels a day.
Furthermore, oil production in the United States has fallen to its lowest level in 15 years, with producers also reducing investment in growth plans. The price of oil also stands still. However, there remain doubts in the market about developments in the near future because countries associated with OPEC oil cartel and their allies have previously agreed to gradually increase oil production.
A barrel of American oil cost 1.3% more on Monday morning at $ 41.75. Brent oil increased 0.9% in price to $ 44.81 per barrel.