Figures from the organization showed Brent rose $0.77 or 0.72% to $107.57/barrel.

According to the organization, geopolitical tension in Eastern Europe is playing a major role in the rise in oil prices, adding that it could lead to a major oil shortage.

ICE Brent saw an increase of $18 from its value in the fourth quarter of 2021 to nearly $98/barrel in the first quarter of 2022.

The organization said: “Global oil demand is estimated to have recovered significantly in 2021, increasing by 5.7 million barrels/day. In absolute terms, global oil demand is estimated to have reached 96.8 mb/d last year”.

“In 2022, global oil demand growth is expected to continue to recover and increase by around 3.7 mb/d to an average of 100.5 mb/d.”

The organization said that the reduction in the impact of the COVID-19 pandemic and the improvement in available management techniques have helped to revive the demand for oil, mainly in the transport sector.

Due to the increase in transport and industrial activities, OPEC suggests that the petrochemical and transport sectors will need more oil in 2022.

The organization said the favorable gain in the oil market was due to the activities of OPEC and non-OPEC producers joining hands to help stabilize the market.

The October 2021 International Monetary and Financial Committee meeting was one such unified effort to stabilize the global oil market.