Posted by: 2-04-2019, 05:50


Oil prices soared to a record from the fall of 2018





Sanctions against Iran and the OPEC agreement affect the market

Oil prices soared to a record from the fall of 2018

Photo: Pixabay


Oil continues to go up against the background of OPEC countries reduced production. The price of the North Sea Brent exceeded $ 69 per barrel for the first time since November 2018.

Thus, the June futures for Brent on the London Stock Exchange ICE Futures went up to 69.06 dollars per barrel.

Oil prices soared to a record from the fall of 2018

The cost of WTI futures for May at the electronic session on the New York Mercantile Exchange (NYMEX) rose to 61.69 dollars per barrel.

Oil prices soared to a record from the fall of 2018

According to Bloomberg, oil production by OPEC countries in March decreased by 295,000 barrels per day - to 30.385 million b / d. Saudi Arabia, the largest oil producer in OPEC, reduced its production to 9.82 million b / d. This is the minimum figure for four years.

"Saudi Arabia confirms its words with a deed and every month cuts production, thereby stimulating the rest of OPEC countries to fulfill the agreements," said Howie Lee, economist at Oversea-Chinese Banking Corp.

According to the expert, the key factors for the oil market in the near future will be the issue of extending the agreement on limiting oil production in OPEC +, as well as US sanctions against Iran and the ability of other countries to buy Iranian oil.

Recall that in early 2019, the quarterly increase in oil prices was the most serious since 2009. As you know, trends in changes in oil prices affect the price of petroleum products.
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Author: Sandra Brown
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