OPEC: Demand and price of oil will increase by end of year

Baku. 8 August. REPORT.AZ/ Organization of Petroleum Exporting Countries (OPEC) expects growth in demand and higher oil prices in III-IV quarters of this year.

Report informs citing the RIA Novosti, this was stated by president of the organization, Minister of energy and industry of Qatar Saleh Al-Sada.

According to him, the OPEC countries are planning an informal consultation at the 15th International Energy Forum, which will take place in September in Algeria. Al-Sada said that since February 2016, oil prices show a steady increase. The reason for this was the decline in oil production, interruptions in the supply of crude oil of different regions and the reduction of inventories against the backdrop of global oil demand growth.

The head of OPEC said that the decline in prices and the current market volatility is temporary. According to him, this is due to a decrease in refining margins, a referendum (Brexit) in the UK and its impact on financial markets. The Minister said that the economic performance of the major consumer countries will be improved. This will contribute to the growth of oil demand in the coming quarters, especially in preparation for the winter season in the northern hemisphere.