Oil prices are sharply increased on the international oil exchange markets,- the Association Of Oil Products Importers And Distributors has issued a statement explaining the reasons for the rise in oil prices.
According to the agency, from September 1 to date, the price of oil increased by USD 10.71 or 14.7% per barrel and amounted to USD 83.65 on the London InterContinental Exchange Futures Europe, which is the highest figure since 2018, while on the New York Mercantile Exchange - the price of oil is up by USD 11.93 or 17.4% since September 1, and now stands at USD 80.52 per barrel, the highest level since 2013.
"The increase in oil prices is due to the imbalance between supply and demand for oil. In particular, the demand for oil is significantly increased in the conditions of its supply deficit. As for the oil deficit, it is conditioned by the policy pursued by OPEC + regarding the issue of oil extraction quotas.
Namely, at the meeting held on October 4 this year, the earlier decision to increase the monthly oil production (400 thousand barrels/day) remained unchanged.
"The increase in oil demand is due to the recovery of the world economy and the record high prices of natural gas, which is forcing consumers to switch to alternative fuels," - explained the agency.
