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Original Source: Economic Information Daily
Reporter: Liu Yanan
Since the price of Brent oil rose above US$60 per barrel in February this year, there have been multiple attempts to hit the $70 per barrel mark in March and May, but failed.
In the past quarter, the pressure on further increases in oil prices came mainly from concerns that Iran’s crude oil supply may increase significantly.
However, information shows that the final agreement may not be reached until the third quarter.
At the same time, with the approach of summer, global oil demand is showing a strong recovery momentum.
The market predicts that global daily oil demand will increase by millions of barrels this summer.
Austria’s JBC Energy recently stated that as demand picks up, the net global oil supply gap in July and August is expected to rise from the current 1 million barrels/day to about 3 million barrels/day.
Regarding the increase in Iran’s crude oil supply, OPEC Secretary-General Barkindo predicts that the return of Iran’s crude oil production and exports will be orderly and transparent.
The supply-demand gap in the international oil market is actually the result of artificial control by OPEC and other countries that reduce production.
