Emirati Energy says no deal has yet been reached with OPEC +

Reuters reported that the UAE’s Energy Ministry announced that “no deal has yet been reached with OPEC +,” after the agency released earlier, citing sources, that she called for a settlement on the oil production deal.

In an interview with Al Arabiya, CEO of the Corum Center for Strategic Studies, Tariq Al-Rifai, expected the price of Brent crude to rise above the $ 80 level, if indicators of economic recovery after the pandemic were to rise. continued, but this would put pressure on global economic growth, and we are returning to a phase of demand for price controls. .

He stressed that the clear picture has become in the increase in oil consumption, which has reached new records in the United States, and this will affect oil price expectations in the coming months.

He added that the demand for oil has also increased in developed countries in Europe, America and Japan, but that in India, China and South America, the increase is still unclear, which makes it difficult to predict precise numbers.

Crude oil prices came under further selling pressure, with West Texas Intermediate a barrel losing 1.5% on a daily basis to $ 74.12. Meanwhile, the price of a barrel of Brent crude fell 1.1% to $ 75.49.

In turn, the International Energy Agency said demand for oil is expected to increase by 5.4 million barrels per day in 2021 and three million barrels per day in 2022.

He said global oil demand increased an estimated 3.2 million barrels per day to 96.8 million barrels per day in June, and global oil supplies increased by 1.1 million. barrels per day in June to 95.6 million barrels per day, with lower OPEC + production cuts, and increased non-OPEC production.

The agency said in a report on Tuesday that preliminary data indicates that the third quarter of 2021 will see the biggest pullback in crude oil inventories in at least 10 years.

And she continued, “Preliminary data for the month of June for the United States, Europe and Japan indicates that industry inventories have fallen by 21.8 million barrels.”

The International Energy Agency reported that oil stocks in developed countries increased by 18.1 million barrels in May, and 75.8 million barrels were lower than the average for the period 2016-2020 to 2.945 billion barrels.