Global oil prices record biggest monthly gain since Jan. 2022 on tightened output

국제 유가, OPEC+ 감산속 석달 만에 최고 한달 상승률, 지난해 1월 이후 가장 가팔라

Global oil prices have been on a rally, logging their steepest one-month advance in July in 18 months.
This has been driven by tightened supply supported by OPEC plus, and increasing global demand.

Global oil prices hit a three-month high, recording their biggest monthly gain since January last year, on tightening supply.
Brent crude futures, the global oil benchmark, settled at about 85 U.S. dollars a barrel on Monday, having risen by 13 percent in July.
It has been gaining for five consecutive weeks since late June, the longest rally since before Russia’s invasion of Ukraine elevated global energy markets.

According to the International Energy Agency, the rise in oil prices is due to the cut in supply by OPEC plus, the world’s major oil producers.
Output cuts by Riyadh and Moscow were announced at the start of July, with Saudi Arabia –the world’s biggest exporter of crude oil –expected to extend its oil output cut of 1 million barrels per day, at least until the end of August.
Also, according to a Reuters survey, the total production from the Organization of Petroleum Exporting Countries was about 840-thousand barrels-per-day less in July.

Experts say, with OPEC plus keeping oil supplies tight, global demand is likely to remain high down the road.
Goldman Sachs estimated that global demand increased to a record 102-point-8 million barrels per day in July.

The bank also revised its demand outlook for this year upward, by about 550-thousand barrels-per-day, on the back of strong economic growth expected in the U.S. and India.

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2023-08-01, 21:00 (KST)