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US oil exceeded $ 85 for the first time since 2014. This is another milestone in the global energy prices. At the same time, WTI and Brent rose by around 1.6%.
Saudi Arabia Energy Minister Prince Abdulaziz bin Salman said producers should not take these price increases for granted.
This is because according to the forecasts, reserves may deplete in the coming months, unless demand decreases. In addition, if the upcoming winter turns out to be colder than usual, adding to the fact that companies may switch from gas to crude oil, demand could increase by 500,000-600,000 barrels per day.
Prince Abdulaziz warned that ramping up output will do little to lower gas prices in Europe, Asia, and the United States.
Currently, the oil market is dominated by a relative shortage of barrels that contain little sulfur and produce lighter products such as gasoline.
In the Middle East, particularly in Dubai, the most benchmark indicator since 2018 is Brent oil. This may encourage buyers in Asia to avoid buying European oil. Also, since July this year, WTI has been priced at the lowest discount compared to Brent. This is likely to limit US export flows to Europe.
In any case, the bullish sentiment observed in recent days was driven by additional import quotas in China. Zhejiang Petroleum and Chemical Co. received 12 million tons of additional quota for the rest of this year amid launch of a new plant.
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