9/29, 7:59 PM (Source: TeleTrader)
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Oil product demand may rise amid gas crisis - OPEC+

The Joint Technical Committee (JTC) of OPEC members and non-OPEC oil producers believe that demand for oil products for heating and power generation could increase as a result of the ongoing gas crisis in Europe, Energy Intelligence's chief OPEC correspondent Amena Bakr reported on Wednesday.

The JTC met earlier in the day to discuss oil market developments and noted OPEC+ members' conformity to the production agreement was 116% in August.

Natural gas futures soared 60% over the last month and climbed over 240% since the start of the year amid supply issues. Meanwhile, oil prices have also been on the rise, gaining 8% over the past month and 50% since the start of 2021.

Baha Breaking the News (BBN) / NP