OPEC expects global oil markets to remain “well-supported” this year by robust demand, maintaining the confident outlook that has allowed the group to revive production.
Crude prices climbed to the highest since 2014 in London and New York on Tuesday, with the recovery in fuel consumption largely unimpeded by the omicron variant while a range of disruptions restricts supply. Brent futures topped US$88 a barrel.
The Organization of Petroleum Exporting Countries said in its monthly report that the market’s strength will persist, even as central banks tighten monetary policy. Stockpiles are considerably below their five-year average, the group’s data show.