The global benchmark for crude oil, rose marginally in price on Thursday. The Organisation of Petroleum Exporting Countries projected that the demand growth for oil would continue this year.
Industry figures showed that Brent moved up by $0.77 or 0.72 per cent to $107.57/barrel at about 7.13pm Nigerian time. It had traded around 106.8/barrel the preceding day.
It said the ICE Brent benchmark had averaged near $98/barrel in the first quarter 2022. This is about $18 higher than its value in the fourth quarter 2021. This was mainly due to the escalating geopolitical tensions in Eastern Europe and the concerns that this might result in large oil supply shortages, amid trade dislocations.
The organisation 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.”
