IEA fears crude oil shortage in Q4. Photo: REUTERS
Brent crude futures were trading at $93.29 a barrel in London on the afternoon of September 15 (local time). Meanwhile, US WTI crude futures were trading at $89.83 a barrel.
A day earlier, both oil prices rose to their highest levels of the year, with Brent crude reaching $93.89 a barrel (its highest since November 2022) and WTI rising to $90.16 a barrel (its first time surpassing $90 a barrel since November 2022).
Not stopping there, market developments show that crude oil prices are expected to continue to increase for the third consecutive week, since Saudi Arabia and Russia announced an extension of voluntary oil production cuts for another 3 months.
Saudi Arabia cut 1 million barrels per day, while Russia continued to reduce 300,000 barrels per day until the end of 2023.
Bank of America analysts predict that oil prices could soon rise to triple digits, breaking through the $100/barrel threshold before the end of the year.
"If the 23-nation Organization of the Petroleum Exporting Countries and its partners (OPEC+) continue to maintain voluntary production cuts until the end of the year, amid rising demand from Asia, we believe Brent crude oil prices could surpass $100/barrel before 2024," CNBC quoted analysts from Bank of America.
The International Energy Agency (IAE) warned on September 14 that the move by Saudi Arabia and Russia could cause a "significant market deficit" lasting until the fourth quarter of this year./.
According to thanhnien.vn
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