Figures from the organization showed that Brent moved up by $0.77 or 0.72 percent to $107.57/barrel.
According to the organization, the geopolitical tension in Eastern Europe plays a major role in the rise of oil prices adding that it might lead to a large shortage in oil supply.
ICE Brent had an $18 increase from its value in the fourth quarter of 2021 to a near 98$/barrel in the first quarter of 2022.
The organization said, “World oil demand is estimated to have recovered significantly in 2021, rising by 5.7 million barrels/day. In absolute terms, world oil demand is estimated to have reached 96.8 mb/d last year”.
“In 2022, world oil demand growth is expected to continue recovering and to increase by around 3.7 mb/d to average 100.5 mb/d.”
The organization stated that reduction of the impact of the COVID-19 pandemic and better available management techniques, has helped resuscitate the demand for oil, majorly in the transport sector.
Due to the increase in transportation and industrial activities, OPEC hints the petrochemical and transportation sectors would require more oil in 2022.
The organization said that favorable gain in the oil market was due to activities of both OPEC and Non-OPEC producers joining hands to help stabilize the market.
The meeting of the International Monetary and Financial Committee in October, 2021 was one of such unified efforts geared towards stabilizing the global oil market.
- How much is BBN 2022? – How To Watch, Date, Time And Channel On DSTV, GOtv
- Scholarship MBA: Students from Ukraine and Palestine get 90% smart tuition for free
- Nini BBNaija Slams A Twitter Fans For His Disrespecting Remark About Her
- Big Brother Naija Season 7 2022 Auditions Starting Date, Steps To Become An Housemate
- I Did Not Buy My Dress For $100,000 – Ifuennada Big Brother Reunion
TO APPEAR HERE KIND HIT OUR CONTACT LINK OR EMAIL US
How much is BBN 2022? – How To Watch, Date, Time And Channel On DSTV, GOtv
How much is BBN 2022? How much is BBN 2022? – What is the time for the bbnaija 2022 reunion,...
Scholarship MBA: Students from Ukraine and Palestine get 90% smart tuition for free
smart tuition smart tuition – Windsor University provides fully-funded scholarships to students from Palestine and Ukraine, to help them understand...
Nini BBNaija Slams A Twitter Fans For His Disrespecting Remark About Her
As we all know that the Big Brother 2022 Reunion is around the corner and a lot of drama is...
Big Brother Naija Season 7 2022 Auditions Starting Date, Steps To Become An Housemate
One of the most-watched reality shows in Nigeria is about to start another season. You all know Big Brother Naija...
I Did Not Buy My Dress For $100,000 – Ifuennada Big Brother Reunion
Big Brother Reunion Big Brother Reunion – When Iheme Faith Uloma or Ifu Ennada stated that her controversial attire for...
(VIDEO) Fans Gift Saskay BBNaija A Brand New Benz Car For Her 22nd Birthday
Saskay is an ex-housemate of Big Brother Naija Season 6. She shares the same birth date with Nini, an ex-housemate...
Airline operators remark flight disruption over scarcity of aviation fuel
The Airways Operators of Nigeria (AON) beget advised Nigerians to be willing for flight disruption due to the a rising scarcity...
Linda Ikeji Net Worth 2022
What is Linda Ikeji Net Worth? Celebrated Name: Linda Ikeji Real Name/Full Name: Linda Ifeoma Ikeji Gender: Female Age: 41...
Sports3 months ago
AFCON 2021: Senegal captain, Koulibaly names player Nigeria uncared for at event
Entertainment3 months ago
Hotkid – Suliya – Download Mp3
Schools3 months ago
Form 2022 Joint Admissions and Matriculation Board (JAMB) Registration Instructions and Guidelines
News4 weeks ago
10 Years Old Girl – Chrisland School Girl Viral Video (Watch)
Entertainment2 months ago
BN Hot Topic: The Thing About Hitting Someone When Angered
Schools2 months ago
Application form for Joint Admissions and Matriculation Board Recruitment 2022/2023
Jobs2 months ago
Affiliate Marketing 2022: Easy Ways to Make Money
Tech2 months ago
Amstel Malta and Tecno hosts special exclusive women’s forum in celebration of International Women’s Day 2022