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![Oil demand - and prices - are expected to begin to rise this winter, OPEC and global energy analysts have said [Xinhua]](http://thebricspost.com/wp-content/uploads/2013/01/Russia-oil.jpg)
Oil demand – and prices – are expected to begin to rise this winter, OPEC and global energy analysts have said [Xinhua]
The situation was no different on Tuesday when Brent Crude oil prices rose by 1 per cent to $45.33 on fears of increased Middle East instability following the downing of a Russian SU-24 fighter jet over Syria.
The Kremlin has denied Turkish charges that its air force shot down the Russian jet after it allegedly repeatedly crossed over into its airspace.
West Texas Intermediate was trading up 1.1 per cent to $42.22 on news of the downed Russian fighter jet.
Most oil analysts believe that oil prices are likely to rise in the first two quarters of next year.
Their forecast comes in tandem with statements from Ali Al-Naimi, Saudi Arabia’s oil minister last week, who said that global demand for oil is expected to grow significantly next year.
“There is a big drop in the production capacity of oil wells across the world, estimated around four million barrels a day, which means the petroleum industry needs new additional production capacity of around five million barrels a day every year…to meet the global demand,” he said at a meeting of oil ministers in Bahrain last week.
The BRICS Post with inputs from Agencies
