London (Daily Pakistan Online) The price of crude oil in the world market has increased by one percent. The International Energy Agency (IEA) says oil prices have risen due to record natural gas prices and Saudi Arabia’s refusal to increase production.
Brent crude rose 1.1 percent, or 0. 0.89, to 84 84.07 a barrel in global trade. US West Texas Intermediate crude rose ڈالر 0.87, or 1.1 percent, to 81 81.31.
The IEA says that the demand for oil is expected to increase by 500,000 barrels per day, which could lead to a further rise in prices, and if that happens, it will lead to higher inflation and the recovery of the global economy after Code 19. Will be a blow.
The IEA predicts that by 2022, the daily demand for oil will reach 99.6 barrels, which is higher than the consumption before the onset of the global epidemic. On the other hand, Saudi Arabia has said it will not increase oil production.