The Brent Crude price rose by 61 cent to $ 82.80 from $ 81.81 to $ 82.20
Madrid … News Time
US sanctions on Iran and Opposition organization of oil exporting countries in the world and Russia’s unhealthy interest in oil production has raised to the highest level of 4 years. Brent crude reached $ 82.20 to $ 81.81 a barrel after 61 percent on Tuesday at 1121 GTT. This is the highest price since November 2014. Oil prices have risen 5th times. Earlier in 2007, when the barrel price reached $ 147.50, the record level reached. US crude has risen by $ 30 to $ 72.38 a barrel which is near its highest price since mid-July. The United States is going to target Iran’s oil exports with restrictions on November 4. Washington will push pressure on governments and companies around the world to buy oil from Iran.
Harry Tchilinguirian head of the French bank BNP Paribas’s global commodity market strategy told the news agency Reuters Iran’s exports will reduce significantly and after the OPEC’s interest in increasing production, the market is not ready to put on-line supply of oil. Opinion secretary, Mr. Sanusi Barkindo, opens in Madrid, said the OPEC and its partners in whom Russia is included, it is necessary that they should cooperate with a crisis not to go into a second crisis.
According to the prediction of the International Energy Agency this year, oil demand is 1.4 million barrels per day and in 2019, this demand will increase to 1.5 million barrels per day. The agency also said in its recent report that the market is being shifted. US President Donald Trump demanded oil supply from OPEC and Russia so that the Iranian exports might be able to reduce the potential deficit. Iran is the third largest producer of oil in OPEC. OPEC and Russia have not yet refused to accept such demands.
The meeting was held on weekends to discuss the potential increase in crude oil production between Opposition Plus, which includes Russia, Oman and Kazakhstan, but the participants at this point of view do not need to hurry at this time.
