The price of black gold went up last week and last month, Reuters Brent rose more than 2 percent on a weekly basis, rising for the fourth time in July to 1.6 percent. US crude oil (West Texas Intermediate), which grew more than 2% this week like its counterpart, did not experience a significant increase in the whole month. Thus, Brent at $ 75.41 per barrel and West Texas Intermediate at $ 73.95 per barrel.


ذFrom today (August 1.2021 ), OPEC Plus will increase its production by 400,000 barrels per day Meanwhile, the production base of the UAE and several other countries, including Saudi Arabia, Russia and Iraq, will increase from April next year.

Analysts say faster demand for oil supply and widespread vaccination have partially allayed concerns about the devastating effects of a new wave of delta-shaped corona outbreaks in the oil market.

Baker Hughes: the number of drilling rigs operating in the US oil and gas sector, fell three units last week to 488 units. That's 237 more than at the same time last year, but still very different from the 790 active rigs before the Corona pandemic.

Oil price forecast A Reuters poll on Friday found that oil analysts and economists believe that $ 70 a barrel offers a more realistic outlook for Brent oil prices for the rest of the year than $ 80 a barrel, as mutated strains of the Corona virus and the geopolitics of oil remain a source of volatility.

Brent oil is expected to average $ 68.76 a barrel this year, according to 38 analysts and economists polled by Reuters.

The end-July price estimate was higher than the June survey, which analysts had predicted would average Brent crude at $ 67.48 a barrel in 2021. Brent oil averaged $ 66.57 a barrel this year.

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