echemi logo
  • Product
  • Supplier
  • Inquiry
    Home > Chemicals Industry > Petrochemical News > Market remains optimistic about oil demand International oil prices rose on January 3

    Market remains optimistic about oil demand International oil prices rose on January 3

    • Last Update: 2023-03-17
    • Source: Internet
    • Author: User
    Search more information of high quality chemicals, good prices and reliable suppliers, visit

    As investors remained optimistic about oil demand and Libyan crude oil production declined, international crude oil futures prices first fell and then rose on January 3, 2022, and closed higher
    at the end of the day.

    Light crude futures for February 2022 delivery rose $0.
    87, or 1.
    16%, to settle at $76.
    08 a barrel on the New York Mercantile Exchange by the close of the day
    London Brent crude futures for March 2022 delivery rose $1.
    20, or 1.
    54%, to settle at $78.
    98 a barrel

    Libya's national oil company announced on the 2nd that it will carry out a week-long overhaul of the main pipeline connecting the Samah and Al Dhahra fields with the ESidra port this week, which will reduce crude oil supply by 200,000 barrels per day

    Phil Flynn, senior market analyst at the US Price Futures Group, said on the 3rd that it seems unlikely that OPEC will change its existing production policy, and is expected to announce on the 4th that it will raise the average daily crude oil production limit of the members of the February production reduction agreement by 400,000 barrels

    Flynn said Libya's crude oil production fell by another 200,000 barrels per day due to pipeline repairs as OPEC expected supply shortages in the next two quarters, becoming a bigger problem
    This should be very supportive for oil prices, especially if Belial crude oil production does not recover in time

    Giovanni Staunovo, an oil analyst at UBS, said oil demand will pick up higher than in 2019 in 2022, which will benefit
    crude and refined product prices.
    Brent crude futures are expected to be in the $80 to $90 per barrel range in 2022

    Helima Croft, head of global commodities strategy at RBC Capital Markets, said that while cases of the Omicron variant continue to increase in major countries, the lack of widespread lockdowns is likely to dampen
    concerns about oil demand in the short term.

    PVM Oil Associates analyst Tamas Varga said that the number of new crown infections in the world is increasing, many countries have implemented epidemic prevention and control restrictions, and air travel and other sectors have been hit, but investor optimism
    can still be felt.

    In short, Waga said, 2021 proved that while there were unexpected twists and turns on the road to victory, the war against the coronavirus pandemic could be won

    Croft believes that the market continues to focus on the two geopolitical issues
    of the confrontation between Russia and Ukraine and the Iranian nuclear negotiation.

    This article is an English version of an article which is originally in the Chinese language on and is provided for information purposes only. This website makes no representation or warranty of any kind, either expressed or implied, as to the accuracy, completeness ownership or reliability of the article or any translations thereof. If you have any concerns or complaints relating to the article, please send an email, providing a detailed description of the concern or complaint, to A staff member will contact you within 5 working days. Once verified, infringing content will be removed immediately.

    Contact Us

    The source of this page with content of products and services is from Internet, which doesn't represent ECHEMI's opinion. If you have any queries, please write to It will be replied within 5 days.

    Moreover, if you find any instances of plagiarism from the page, please send email to with relevant evidence.