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Crude prices may be around $55-60/barrel through April: OPEC

by ChemOrbis Editorial Team -
  • 25/03/2015 (15:32)
According to media reports, a delegate from OPEC who requested anonymity reported that he expects oil prices to fluctuate around $55-60/barrel through April, stating that stronger than expected oil demand will support prices despite signs of a supply glut arising from increased production in the US and OPEC’s decision not to cut production.

The OPEC delegate reportedly commented that low oil prices may have increased demand, particularly in the United States but also in Asia, adding that in December, January and February, global oil demand was reported to be above expectations.

According to official data, Saudi Arabia’s crude oil exports rose to 7.474 million barrels per day in January to post the highest level since April 2014 while the volume of domestically refined crude was also said to be high.
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