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Systematix Research Report
Strong demand growth, continuous lower OPEC production, and attacks in red sea are keeping crude oil prices at higher levels. Brent crude in February 2024 picked up 4.2% to $83.6/barrel of oil from $80.3/bbl in January 2024, which averaged above $80/bbl mark in the last three months/six months/12 months and 24 months.
Energy Information Administration expects global oil demand to rise to 103.6 million barrels of oil per day in Feb-24 versus 100.4 mbpd in Jan-24.
Also, they expect the global demand to rise by 1.4/1.3 mbpd in 2024/25. OPEC+ recently extended the voluntary production cuts to June 2024 from earlier March 2024, putting pressure on oil price.
Global oil rigs count has increased 1.6% month-on-month, while mere addition of two rigs in the U.S., brings the global and U.S. count to 1,813 and 623 rigs, respectively.
We maintain our bullish stance on crude oil price on the back of OPEC+ supply cut and gradual rise in demand.
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