OPEC’s price for a basket of 13 crude oil samples stood at $108.81 per barrel on Thursday.
Notwithstanding the forecast, OPEC said it was keeping its eyes on ongoing volatility in the market.
Oil prices have hardly moved at the start of the week as a cautious market awaits stalling talks between the major oil-producing nations on future production policy.
Oil prices gained for a second day on Thursday after drawdowns in U.S. inventories.
“Commercial oil inventories in the OECD stood just 77 million barrels above their 2015-2019 average as of March, down from a peak of 249 million in July.”
“To meet this future demand, the global oil sector will need cumulative investment of $12.6 trillion.”
“The WTO, under your leadership, will embark on a period of substantive and procedural reform.”
