# Strong Demand, Not OPEC, Is Pushing Oil Prices Higher | OilPrice.com

> An Oxford Institute for Energy Studies report argues that demand growth has driven oil prices at least as much as OPEC and non-OPEC supply cuts. The report divides the past half-decade into four phases of OPEC strategy.

- Date: 2018-04-11 · published 2018-04-11T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/65723-strong-demand-not-opec-is-pushing-oil-prices-higher-oilprice-com
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

If demand is the main driver, crude prices remain sensitive to global economic growth, so energy costs for feed producers will track the pace of demand growth.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2017-04-12 | [Syria, OPEC, and Oil Prices](https://feedsoft.ai/events/71674-syria-opec-and-oil-prices.md) | -5.0% | -11.4% |
| BRENT | 2021-06-30 | [Rupee weakens further amid strong dollar, rising oil prices - Daijiworld.com](https://feedsoft.ai/events/46886-rupee-weakens-further-amid-strong-dollar-rising-oil-prices-daijiworld-com.md) | +0.1% | -0.5% |
| BRENT | 2023-07-31 | [Goldman Sachs: China Is The Biggest Driver Of The Oil Price Rally \| OilPrice.com](https://feedsoft.ai/events/35217-goldman-sachs-china-is-the-biggest-driver-of-the-oil-price-rally-oilprice-com.md) | +2.4% | +0.2% |
| BRENT | 2022-02-18 | [Ringgit opens higher against US dollar on steady commodity prices](https://feedsoft.ai/events/42965-ringgit-opens-higher-against-us-dollar-on-steady-commodity-prices.md) | +6.4% | +16.9% |
| BRENT | 2020-12-23 | [Freight boom fuels shipping and oil prices](https://feedsoft.ai/events/49840-freight-boom-fuels-shipping-and-oil-prices.md) | +2.1% | +11.8% |
| WTI | 2017-04-12 | [Syria, OPEC, and Oil Prices](https://feedsoft.ai/events/71674-syria-opec-and-oil-prices.md) | -5.5% | -11.4% |
| WTI | 2023-07-31 | [Goldman Sachs: China Is The Biggest Driver Of The Oil Price Rally \| OilPrice.com](https://feedsoft.ai/events/35217-goldman-sachs-china-is-the-biggest-driver-of-the-oil-price-rally-oilprice-com.md) | +2.8% | -0.4% |
| WTI | 2020-12-23 | [Freight boom fuels shipping and oil prices](https://feedsoft.ai/events/49840-freight-boom-fuels-shipping-and-oil-prices.md) | +2.7% | +11.2% |

## Sources

- oilprice.com: https://oilprice.com/Energy/Crude-Oil/Strong-Demand-Not-OPEC-Is-Pushing-Oil-Prices-Higher.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.