Oil is benefiting from optimistic demand forecasts this Friday, February 11, 2022. Thus, prices are on the rise.

Buoyed by optimistic demand forecasts for black gold, combined with still limited supply in a tight market, oil prices rose slightly on Friday. Around 11:00 GMT (12:00 CET), the price of a barrel of Brent North Sea oil for April delivery rose 0.54% to $91.90. In New York, a barrel of West Texas Intermediate (WTI) for delivery in March took 0.68% to 90.49 dollars.

On Thursday, the Organization of the Petroleum Exporting Countries (OPEC) maintained its forecast for global crude demand growth in 2022. The organization expects a rebound of 4.2 million barrels per day (mb/d) to reach 100.8 mb/d for the world, according to its monthly report. But on the supply side, OPEC seems far from its total production increase targets, set at 400,000 barrels per day. According to indirect sources cited in the report, OPEC member countries increased their production by 64,000 barrels per day (mb/d) between December and January, reaching 27,981 mb/d. The International Energy Agency (IEA) warned on Friday of the "chronic" inability of OPEC and its allies (OPEC+) to produce as much as it promises.