[Energy people are watching, click on the upper right corner to add 'Follow'] In 2021, due to the increase in international crude oil demand and insufficient supply, oil prices rose by about 50%. Since the fourth quarter of 2020, oil prices have continued to rise. OPEC+'s announc

2025/04/2423:43:34 hotcomm 1144

[Energy people are watching, click on the upper right corner to add 'Follow']

In 2021, due to the increase in international crude oil demand and insufficient supply, oil prices rose by about 50%. Since the fourth quarter of 2020, oil prices have continued to rise. OPEC+'s announcement to extend its production cuts until April 2021 also helped boost oil prices. Brent crude was around $52 a barrel in January last year, and by the end of the first quarter, it had risen to $70. Oil supply has become tight amid the global economic recovery, tight inventory and insufficient production capacity. The United States called on OPEC+ to open up natural gas supply and increase production, but OPEC+ continues to restrict supply and calls are shelved. Since August last year, global natural gas prices and even coal prices have risen sharply, forcing many power generation companies to shift from natural gas to fuel and diesel, which has boosted crude oil prices. At the UN Climate Change Conference in Glasgow, Brent crude oil prices hit $86 a barrel, its highest in seven years. Although OPEC+ insists that it will comply with its promise to gradually increase production in July last year, the increase in production still cannot meet market demand, directly boosting oil prices soaring in October. In response, in November last year, the United States announced the release of the largest emergency oil reserve in U.S. history - 50 million barrels - from the country's strategic oil reserves, but crude oil prices rose by 2%. This shows that in 2021, OPEC+ will fully control global crude oil prices. At the end of last year, despite market expectations affected by the Omicron virus, Brent crude oil was trading at close to $80 per barrel. In a December report, JPMorgan predicts that looking forward to 2022, oil prices will reach $125 per barrel due to OPEC+ production restrictions and $150 in 2023. According to Goldman Sachs conservative forecasts, oil prices will be high this year and 2023, and may rise to between $100 and $110 a barrel. The International Energy Agency predicts that crude oil consumption will reach 99.53 million barrels per day in 2022, up from 96.2 million barrels in 2021.

Source: Ministry of Commerce

Disclaimer: The above content is reproduced from Chongqing Petroleum and Natural Gas Trading Center, and the content posted does not represent the position of this platform.

National Energy Information Platform Contact number: 010-65367702, Email: [email protected], Address: People's Daily, No. 2, Jintai West Road, Chaoyang District, Beijing

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