World oil prices have reached a two-month high. Brent crude hit ড 84 a barrel for the first time in two months on Wednesday (January 12th), according to Reuters. In this regard, various non-governmental organizations have predicted that the price of fuel oil may exceed 100 this year.
The international oil market has been in turmoil for a long time. However, after the identification of Omicron last November, the world saw the highest price in two months. Brent crude, the benchmark crude oil, traded at $74 a barrel on Wednesday (January 12th).
The price of crude oil in the West Texas Intermediate of the United States has also been recorded at around $72. On this day, it has been sold at 61.82 dollars per barrel.
OPEC Plus, an alliance of oil-exporting countries, has suspended oil production of about 3 million barrels per day due to limited demand and Omicron. Despite efforts to increase production targets every month, the media has reported that the supply is being disrupted due to technical complications.
OPEC Plus decided to limit oil production after demand plummeted in the Corona epidemic in 2020. Many small producers are reluctant to increase supplies as the Covid situation deteriorates, Reuters reported.
Financial services firm Morgan Stanley has predicted that the price of Brent crude will exceed ড 90 by the third quarter of this year. Due to limited production capacity and low investment, it will be difficult to control oil prices in the second half of the year.