Written by – Marwa Al-Ghoul Sunday, December 17, 2023 02:00 PM
Oil prices in global markets recorded weekly gains, as Brent crude, the global benchmark, rose by about 0.94%, and US West Texas Intermediate crude rose by about 0.28%.
Oil prices recorded $76.55 per barrel for Brent crude futures, and US West Texas Intermediate crude futures recorded $71.43 per barrel, as prices declined at the end of Friday trading but recorded gains on a weekly basis.
The Organization of the Petroleum Exporting Countries (OPEC) announced that it expects good growth in global demand for oil, while participants in the COP28 climate summit agreed to gradually abandon fossil fuels.
It stated that it expects global demand for oil to grow by 2.2 million barrels per day during the next year to reach a rate of 104.36 million barrels per day, according to the Oman News Agency.
OPEC said in its monthly oil market report: “Resilient global GDP growth is expected to support oil demand in light of the continued improvement in economic activity in China.”
It is expected that demand in the industrialized countries that belong to the Organization for Economic Co-operation and Development will increase by 0.3 million barrels per day to reach a rate of 46.1 million barrels per day, but it will remain less than the record number recorded in 2019.
Demand in non-OECD countries is expected to increase by two million barrels per day to 58.3 million barrels per day.
The expectations come at a time when the COP Climate Conference mentioned for the first time explicitly the gradual abandonment of the use of fossil fuels responsible for global warming.
2023-12-17 12:00:00
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