LONDON: Global oil demand has bounced back above 100 million barrels per day (bpd), the same levels before the Covid-19 pandemic, Bloomberg reported, citing BP.
“OPEC+ is doing a good job managing the balance, so we remain constructive on oil prices, ” BP CFO Murray Auchincloss said on Tuesday.
On the other side, OPEC+ is under pressure from consumers to increase production ahead of the meeting scheduled for November 4, but is expected to stick to its plan for a gradual monthly production increase of 400,000bpd.
Among recent forecasts, Bank of America said Brent crude will rally to $120 per barrel by the end of June 2022.
