Demand for oil increasing, but production rates remain low – Roya News English

Demand for oil increasing, but production rates remain low – Roya News English

The demand for oil increased last month, coinciding with increasing rates of vaccination across the world. 

But with the “OPEC Plus” countries pumping less than the required amount, prices are expected to be volatile until an agreement is reached on raising production, according to the International Energy Agency.

The agency stated in its latest monthly report, "Oil prices reacted strongly with the "OPEC Plus" crisis last week, possibility of a deep supply crisis if an agreement is not reached."