Yesterday, world oil prices updated a six-month high. During trading on the ICE exchange in London, the cost of raw materials of the benchmark Brent brand rose by more than 0.6% and at some point reached $88.09 per barrel. The last time a similar value could be observed was on January 27. Since the beginning of summer, oil prices have increased by almost a quarter. The main reason for the observed dynamics was the growing shortage of energy resources in the world. Prices are mainly affected by the accumulated effect of a decrease in supply volumes on the global oil market. This is due to the actions of the countries participating in the OPEC+ agreement, primarily Russia (voluntary reduction of exports by 300 thousand barrels per day) and Saudi Arabia (voluntary reduction of production by 1 million barrels per day). According to the International Energy Agency, by the end of 2023, the shortage of energy resources in the world may grow to 600 thousand barrels per day. Moreover, in 2024, the global shortage of resources is likely to persist and will amount to about 400 thousand barrels per day, the organization predicts
Source: Turan News Agency