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Global oil demand has remained strong recently, fears of Omicron weakening demand have eased, while OPEC oil capacity is limited and supply growth is slow.
As a result of these factors, international oil prices rose significantly last week (the week ended January 14), with WTI oil prices rising by 6.
2% and Brent oil prices rising by 5.
3%.
On Jan.
14, WTI oil closed at $83.
82/b and Brent closed at $86.
06/b
.
The International Energy Agency said on January 12 that global oil demand has proved stronger than expected due to the lower-than-expected
impact of Omicron on the economy.
On the supply side, sluggish investment and a lack of spare capacity in OPEC members, particularly in Africa, have kept OPEC+ monthly output growth below the planned 400,000 b/d
for many consecutive months.
Analysts said that the development of the epidemic remains the biggest uncertainty in the oil market this year
.
However, global oil demand is expected to exceed pre-pandemic levels
this year.
The upcoming oil glut is likely to be much smaller than expected, and the downward pressure on oil prices this year is likely to be much
smaller.
