The price of Brent crude oil has been above $75 a barrel. It is the most expensive since April 2019. Black gold is becoming more expensive as a result of the continued recovery of the global economy and the growing demand for strategic raw materials.
The price of North American WTI oil, which sold for more than $73 a barrel, also hit a two-year high. Bank houses have also been increasing in recent days, raising the average oil price estimate this year.
Citi, for example, expects the average price of Brent crude oil at 72 and WTI at $64 a barrel. Goldman Sachs also estimated the average Brent price above $70, which sees WTI slightly below $70 a barrel this year. Most of last month’s intervals range between $62 and $68 per barrel of WTI and Brent crude, respectively.
Opec+ countries (effectively OPEC and Russia) are beginning to cautiously discuss the possibility of increasing black gold production. This could start from August in successive steps. But no concrete decision has been made, a source close to OPEC+ told Reuters.