Strong global oil demand, particularly from China, coupled with reports of decreasing crude oil inventories worldwide, suggest that oil prices could reach $100 per barrel before year's end.
OPEC's reduced oil production, driven by Saudi Arabia's voluntary cuts and a suspension at Nigeria's Forcados terminal, has resulted in rising oil prices, with Brent exceeding $85 per barrel and WTI nearing $82 per barrel.
OPEC is producing less oil thanks to the Saudi voluntary cuts and a suspension of crude oil loadings at Nigeria’s Forcados terminal due to a leak risk. has suggested the group pumped 840,000 bpd less in July than in June. And they are not showing any signs of reconsidering.: oil prices are up and rising, with Brent topping $85 per barrel earlier this week while WTI climbed closer to $82 per barrel. The question now is how high they will reach before OPEC begins to roll back the cuts.
Still, this might be just the beginning of a rally because while Saudi Arabia has been cutting production deliberately, Nigeria and Angola have been unable to produce as much as their OPEC quota states. And Libya’s output has been disrupted yet again while production growth in the U.S. shale patch slows down.
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