Luanda - The OPEC crude oil price has been around USD 90 a barrel for three days, the highest reached over the last seven years.
According to a PetroAngola (Oil and gas market consultant) announcement, to which Angop had access, the reduction in production by OPEC, of which Angola is a member, could boost the price above US $100.
For the national consultant, as OPEC+ continues to add 400 barrels of oil to the market a day, every month till the cuts are fully released, many members of the group may not have enough stock capacity to increase and sustain production.
“With demand expected to exceed pre-pandemic levels later this year, reduced production capacity and low upstream investment over the past few years should largely contribute to a significant rise in international oil prices, in short and long term”, reads the publication.
Meanwhile, it notes that producers outside the OPEC+ alliance, such as the United States, Canada and Brazil, are expected to increase their oil production this year, as high prices and growing demand encourage more activity and drilling of new wells.
This Tuesday, February 1st, the price of a basket of thirteen OPEC oils stood at USD 90.46 a barrel compared to USD 90.89 the day before, Monday, according to calculations by the OPEC Secretariat to which Angop had access from the organization's official website.
