Oil prices keep on rising.
The price of a barrel of brent from the North Sea, which is the benchmark on the market, crossed the $ 80 mark early Tuesday morning - its highest level since October 2018 - before falling again during the day.
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The physical decline of oil is near
The cause is strong demand driven by the post-Covid economic recovery while supply remains limited. During the presentation of the annual report of the Organization of the Petroleum Exporting Countries (OPEC), the Secretary General, Mohammed Barkindo, highlighted global demand "
which has rebounded significantly in 2021
" to explain this summit.
But the offer is struggling to cope.
This is the case in the United States, where oil installations in the Gulf of Mexico are still far from full capacity, even several weeks after the devastating passage of Hurricane Ida.
This is also the case within OPEC +, made up of the thirteen members of OPEC and its ten allies.
Several of them are facing reductions in their production that exceed the guidelines set by the various countries at previous meetings.
UBS experts thus evoke “
maintenance work”
in Kazakhstan and “
unforeseen disruptions
” in Nigeria, Mexico and Libya.
An increase that will continue
Either way, the resulting crude deficit "will
not reverse in the months to come,
" warn Goldman Sachs analysts, who see Brent crude reaching $ 90 by the end of the year. the year.
And "
the surge in oil prices is causing many to fear that the world economy is already slowing down
", worries Chris Beauchamp, IG.
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Oil, gas, coal: fossil fuels are resisting
The specter of galloping inflation, capable of nipping the recovery of the world economy in the bud, is fueling the fears of economic circles relayed by the markets.
The Paris Bourse ended Tuesday, down sharply by 2.17%.
In this context, the monthly market assessment by OPEC + members next Monday will be closely monitored.
