Brent crude oil prices: the International Energy Agency has not ruled out another price rally in the oil market due to high risks of supply disruptions, the agency said in its monthly report.

“Given the high risks of supply disruptions, another rally in oil prices per barrel cannot be ruled out,” writes the International Energy Agency.

The agency recalls that the OPEC+ alliance decided in September to increase production by only 100,000 bpd, which is more of a symbolic move. The alliance explained this by the limited amount of spare production capacity, which should be used carefully. As a result, OPEC+ is unlikely to significantly increase production in the coming months, says the International Energy Agency.

Despite this, the agency’s experts believe the world’s oil reserves will grow – by about 900,000 barrels per day by the end of the year and by 500,000 in the first half of 2023. At the same time, the release of reserves from the IEA countries’ strategic reserves should further ease the tense supply situation on the market.

Nevertheless, now the commercial reserves in the countries of the Organization for Economic Cooperation and Development are 290 million bpd below the five-year average, and the risks of supply disruptions remain high, so the next price rally is not excluded, the International Energy Agency said.

Earlier we reported that the cost of zinc a day falls amid an increase in stocks at exchange warehouses.