Crude oil prices peaked several months after OPEC expects as well as producer partners that it will continue to maintain current production levels for February driven by a pandemic crisis affecting demand.
Brent oil price reached the level of $ 53.17 per barrel, the highest price since March 2020. While WTI oil reached the level of $ 49.71 per barrel, the highest since February 2020.
OPEC Secretary-General Mohammad Barkindo on Sunday said while crude oil demand is expected to increase by 5.9 million barrels a day to 95.9 million this year, OPEC sees many challenges that will put pressure on demand for the first half of 2021.
The final price in 2020 is around 20% lower than the average price of 2019, still in recovery after the impact of the global economic closure, although the world's largest producing countries have agreed to cut production rates.
OPEC and partner producers including Russia, OPEC + decided last month to increase production to 500,000 barrels a day in January to meet demand rates, and agreed to meet monthly to assess production factors.
