Brent crude oil rises over 2% to reach 83.81 euros per barrel.

In its monthly report, OPEC considered that global crude consumption will rise in 2025 to an average of 104.46 million barrels per day.

Ignacio Teson•Wednesday, March 13, 2024•1 min read

It happened after the Organization of the Petroleum Exporting Countries (OPEC) celebrated the International Energy Agency (IEA) highlighting the importance of oil for the energy transition.

The price of Brent crude oil for delivery in May rises over 2% on Wednesday, reaching a 2.29% increase and settling at $83.81 per barrel.

Meanwhile, the West Texas Intermediate (WTI), a reference in the U.S., in the early minutes of the trading session following the opening of the U.S. market, also rises, climbing 2.67% to $79.63 per barrel.

USOIL

Texas thus approaches the psychological barrier of $80, awaiting the release this Tuesday of the IEA’s weekly data on crude refinery performance.

OPEC has called for more investments in the oil sector on Wednesday amid messages advocating for the abandonment of hydrocarbons and following warnings from the IEA about the need to ensure oil supply amid the energy transition.

In an IEA analysis published last Monday under the title “A Strong Focus on Oil Security Will Be Critical Throughout the Transition to Clean Energy,” it is acknowledged that the threat of oil supply disruptions “will not disappear soon.”

OPEC on Tuesday kept unchanged its forecast for robust global oil demand growth this year, at 2.2% year-on-year, based on an optimistic outlook for global economic development.

In its monthly report, OPEC considered that global crude consumption will rise in 2024 to an average of 104.46 million barrels per day.

The figures remained the same as estimated a month ago, despite the organization’s experts slightly raising their expectation of global economic growth for this year to 2.8%, which is the basis of their calculations.

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ABOUT THE AUTHOR See More

Ignacio Teson

Economist and Financial Analyst

Ignacio Teson is an Economist and Financial Analyst. He has more than 7 years of experience in emerging markets. He worked as an analyst and market operator at brokerage firms in Argentina and Spain.