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Oil Nears $80 per Barrel by Decrease Iranian Production

Source: www.gulfoilandgas.com 9/5/2018, Location: Europe

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The price of OPEC basket of fifteen crudes stood at $76.32 a barrel on Tuesday, compared with $75.77 the previous day, according to OPEC Secretariat calculations.

Oil prices buoyed by fears that a fall in Iran's output would reduce supply on the market after US sanctions were imposed in November, but gains were limited by increased supplies from OPEC and the United States.

Exports of OPEC's third-largest producer are falling faster than expected, and worse is coming amid the imminent second wave of US sanctions.

Also sources in the Organization of the Petroleum Exporting Countries (OPEC) and the oil sector also said Saudi Arabia wants crude to remain between $ 70 and $ 80 a barrel at present as the kingdom, the world's top exporter, seeks to strike a balance between maximizing revenues and curbing prices until US congressional elections.

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