Rising oil prices on the eve of the OPEC Plus summit and the cold season

According to IRNA, the peak of demand and consumption of oil may lead to the decision of OPEC oil-exporting countries at a meeting scheduled for Monday to increase production.

According to energy analyst Bjornar Tonhagen; The world may see a further increase in oil demand to close to one million barrels per day in December, half of which is expected to generate electricity in Asia. But the other half of this demand is less likely to occur, depending on the onset of winter with colder-than-normal weather in the Northern Hemisphere, which will increase oil consumption for heating.

According to an analyst at the Fitch Institute, if gas prices remain high, some Middle Eastern and Asian countries may temporarily increase the use of more oil-fired power plants.

According to the International Energy Agency (IEA); Overall, electricity generation at oil-fired power plants is only a small fraction of the world’s electricity generation, which was close to 3 percent in 2019, well below 37 percent for coal and 24 percent for natural gas.