Crude markets have tightened as economies rebounded from the pandemic, and modeling from OPEC is predicting a supply deficit over the next two months. Goldman Sachs Group Inc. sees an extra 650,000 barrels a day of demand later this year as utilities wrestling with high natural gas prices switch to oil, while Saudi Aramco said the gas crisis was already boosting crude consumption.

“Prices are likely to remain supported in the final quarter, with gas-to-oil switching and pricey coal adding to oil consumption,” said Will Sungchil Yun, senior commodities analyst at VI Investment Corp.

The prompt timespread for Brent was 80 cents a barrel in backwardation — a bullish market structure where near-dated contracts are more expensive than later-dated ones. That compares with 74 cents a week earlier.

See also: OPEC May Add More Supply in Wake of Gas Crisis, Citigroup Says

The OPEC+ decision “will allow us to continue normalize the market situation,” Russian Deputy Prime Minister Alexander Novak said during a speech at the meeting, part of which was broadcast by Rossiya 24 state TV channel. Ministers will meet again to discuss production policy on Nov. 4.