Looking to the next century has a specific meaning for energy traders. Oil prices are pushing higher, like bubbles in a champagne flute. Traders are speculating when $100 a barrel will be surpassed.
Opec will meet this week to discuss whether or not to raise production. The meeting coincides with the seventh anniversary of the oil crash, prompted by the cartel’s reluctance to cut output. With the Brent price up 48 per cent this year to $76 per barrel, expect Opec to pump more black stuff. That should cap prices before the century mark is reached.
World demand for crude is stronger than it was last year. The International Energy Agency anticipates that by the end of 2022 consumption will rise about 5 per cent from 2020 levels to 99.5m barrels daily.