The expert explains that just as in 2020 there was a strong link between the global onslaught of covid-19 with the collapse in crude prices, this year the recovery from that collapse has influenced both the demand and supply of oil.

"That is the main factor. On the demand side, we are seeing a reactivation of the economy and mobility after the impact of covid-19, so after having experienced the largest drop in oil demand last year, this year probably we will register the largest increase we have seen, ”he says.

“On the supply side, there is a combination of deliberate production cuts agreed to by OPEC and other non-OPEC producers, such as Russia; and a drop in production in the United States and elsewhere due to the low prices of a barrel last year "
OPEC, Russia and other producers have an agreement to progressively increase supply - adding an additional US $ 400,000 barrels per day each month - with a view to completely eliminating by the end of 2020 the production cuts they applied to deal with the fall in demand due to the pandemic.

These increases, however, are not automatic as they meet every month to assess the market and decide on its application.