According to Vano Mtvralashvili, the head of the Union of Oil Products Importers, the price of oil products in global markets will continue to rise.
"The direct determinant of prices is the scale of demand for oil. Prices have been relatively low over the past year, which has led to a large-scale decline in demand due to the pandemic. Yesterday, OPEC published a report, according to which the data is as follows: It is rumored that this year the monthly demand for oil will increase by 5.9 million barrels per day and will be 96.3 million barrels per day. According to OPEC, because vaccination has started globally, the economy will start to recover, especially in the second half of 2021. Consequently, the demand for oil is increasing. According to the OPEC report, the future outlook for oil prices will be directed towards growth. At this stage, the cost of oil is $ 68 a barrel, which brings it back to the pre-pandemic situation," Vano Mtvralashvili told report.ge.
According to him, oil extraction quotas are slightly increasing, but overall, the decision made last year, when there was an unprecedented decline in oil production, had an impact. Mtvralashvili said that this agreement was being fulfilled in the next period, so the excess oil volume disappeared from the world markets.