Oil continues to rise in price, Brent is trading at $92.7 per barrel

Prices for key oil brands continue to rise, reaching the highest levels since mid-November. 

This trend is supported by concerns about a shortage of supply on the world oil market after Saudi Arabia and Russia extended restrictions on oil production until the end of this year.

The current Brent quote is $92.70 per barrel, North American WTI oil is trading near $89.50 per barrel. 

Experts predict an oil shortage of 3.3 million barrels per day over the next three months. This may be due to both the extension of production restrictions and the growth of economic activity in Europe and China.

The US Department of Energy has raised its forecast for the cost of Brent oil for the current year and the coming years. The organization makes forecasts for a higher level of oil prices in the fourth quarter of this year, expecting an average Brent price of $93 per barrel.

OPEC and the International Energy Agency also expect an increase in oil demand in the coming years, predicting an increase in consumption by several million barrels per day. This pushes prices up and creates uncertainty in the oil markets.

In particular, the demand for oil in 2023 will grow by 2.44 million barrels per day, and in 2024 it will increase by another 2.25 million b / d, according to the September OPEC review.