Home The price of a barrel of oil is almost reaching US$ 100,00

The price of a barrel of oil is almost reaching US$ 100,00

16 May 2018 to 10: 18
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This was the value we used to have before the crisis. The market thinks that the price of oil will reach this average in the coming months

Oil is rising again, with investors already expecting $80 a barrel this month. Brent oil, an international benchmark, rose nearly $1 per barrel this Tuesday (15/05) to $79,22, the highest price since November 2014, amid signs of a tighter oil market. The North American West Texas Intermediate, in turn, added 68 cents to 71,64 dollars a barrel. The supply cuts led by OPEC and Russia coincided with a drop in production and exports from Venezuela due to economic and political crises and sanctions on Iran.

Venezuela's crude oil exports, according to Kpler tanks, are on the verge of collapse, figures show production below 1 million barrels per day to historic lows, Venezuela's foreign oil sales are down 40% compared to the previous year. The country's energy situation is not looking good either, as creditors of PDVSA, the state-owned oil company threatened with extinction, are trying to confiscate assets abroad.

A drop in Iranian oil supplies is also expected with the new round of US sanctions, launched now under the Trump administration, following the country's withdrawal from the nuclear deal. And to top it all off, Saudi Arabia is producing less oil than at any time since the output-cut deal took effect in early 2017.

O global energy market is bracing for a spike in oil prices, and these market phenomena could provide the perfect recipe for oil at $100 a barrel next year, according to analysts at London brokerage PVM.

Meanwhile, the Saudis have said they have stepped in to stabilize the oil market with other producers should the need arise, but this has raised questions about whether the players involved in the supply-cutting deal, notably Russia, can pull out of the 18-year production deal. months with OPEC.

It's also worth noting that despite robust growth in production from the US shale oilfields, these barrels have failed to help fill the gap as much as people initially predicted as pipe bottlenecks and other infrastructure issues prevent oil from reaching refineries. and export terminals. Reaffirming, a thesis of rising prices at least in the short term. Source: Portal do Petroleiro

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