Oli Hansen, head of the commodity strategy team at Saxo Bank, commented on the current situation in the oil market. According to him, oil prices have reached their second maximum in the last six years after the expected deficit in oil was announced. This follows the decision of OPEC+ to increase oil production in light of rising demand and limited supply. It should be noted that the oil deficit was expected already at the beginning of the year; however, only now it is starting to have an impact on the market.
"Further strengthening of oil prices depends on how closely producers will follow the planned increase in production in the coming months," noted Oli Hansen. He also added that the decision of the USA to sell oil from strategic reserves has also impacted the current situation in the market.
