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Oil Prices Hit Fresh 4-Year High Above $82

Source: www.gulfoilandgas.com 9/30/2018, Location: Europe

The rise in crude oil prices above $82 a barrel has led to more predictions of $100 a barrel around the end of the year. A supply crunch is to blame, just as winter is coming – the US has reimposed sanctions on Iran and OPEC declined to raise production at the weekend.

The oil market is bracing for a hit to global supplies from the sanctions. Brent remains on course for its fifth consecutive quarterly increase, the longest stretch since early 2007 when a six-quarter run led to a record-high price of $147.50 a barrel.

Several big buyers, such as a number of Indian refiners, have signaled they will wind down purchases of Iranian crude but the impact on global markets is not yet clear.

U.S. officials, including President Donald Trump, are trying to reassure consumers and investors that enough supply will remain in the oil market and have pushed the Organization of the Petroleum Exporting Countries (OPEC) to raise output.

In a Tuesday speech at the United Nations, Trump reiterated calls on OPEC to pump more oil, accused Iran of sowing chaos and promised further sanctions on the country.

The so-called "OPEC+" group, which includes non-OPEC members such as Russia, met over the weekend but decided not to boost output.

Oil News in Austria >>

Iraq >>  12/10/2018 - Iraqi Oil Minister Thamer Ghadhban said he expected the fall in oil prices to stop and for prices to rise over time, adding that if OPEC had not cut p...
Russia >>  12/6/2018 - OPEC has tentatively agreed on oil output reduction but is reportedly waiting for Russia to declare its commitment before deciding the exact volumes f...

Iran >>  12/5/2018 - Iran says Qatar’s decision to quit the Organization of the Petroleum Exporting Countries (OPEC) shows the frustration of small producers at the domina...
Austria >>  12/4/2018 - Oil prices fell to their lowest level during a volatile session by signs of oversupply amid bleak economic prospects. The drop came despite market exp...

Qatar >>  12/3/2018 - The OPEC Secretary General, His Excellency Mohammad Sanusi Barkindo, has today received a letter from the State of Qatar giving notice of its intentio...
Austria >>  12/1/2018 - OPEC and its oil-producing allies reached an agreement to cut production by 1.2m barrels a day. The deal was hammered out at the OPEC Secretariat in V...

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