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Oil prices rose on Friday as US sanctions against Iran threatened to remove a substantial volume of crude oil from world markets at a time when global demand was increasing
"Now everyone is getting focuses on the issue of unused capacity and the future, "said Tamar Essner, Nasdaq chief energy badyst. The market's attention has shifted to a series of disruptions after weeks of concentration on supply from OPEC and other major producers, she said. said.
U.S. gross rose 80 cents per barrel to $ 74.24 at 12:51. EDT [1651 GMT] and earlier hit $ 74.43, the highest since November 26, 2014. The contract was on track to close the week up 8.2 percent
Brent Gross Benchmark surged 1 $ 85 to a high of $ 79.70 a barrel before slowing down to $ 79.40 a barrel. "All potential losses could exceed the production increase agreed by OPEC and Russia," said Dominick Chirichella, director of risk management at EMI DTN. He added that Iran was the fifth largest oil producer in the world and pumped about 4.7 million barrels a day. (bpd), or nearly 5% of total production, largely to China and other energy – consuming countries such as India.
The US government wants to prevent Tehran from exporting oil to cut a vital supply, and hopes that other major oil producers of the Organization of the Petroleum Exporting Countries and Russia will compensate the deficit
But the global oil market is already stretched by unforeseen disruptions in Canada, Libya and Venezuela.
and investors believe that the strict application of US sanctions against Iran will cause a sharp rise in prices.
"It is becoming increasingly clear that Saudi Arabia and Russia will struggle to compensate for potential oil losses Abhishek Kumar, an badyst at Interfax Energy in London
JBC Energy, a consulting firm According to a Reuters survey of 35 economists and badysts on Friday, Brent is likely to reach an average of $ 72.58 per barrel in 2018, 90 cents higher than the forecast of $ 71.68 last month, and compared to the $ 71.15 average for the current year
. North American oil prices have declined due to a failure at Syncrude, Canada, which has injected more than 300,000 b / d of production.The shutdown is expected to last at least until 39. in July, according to operator Suncor Energy.
US production Crude oil slid 2,000 barrels per day (bpd) to 10,467 million bpd in April, falling from the highest level recorded in March, the Energy Information Administration (EIA) said in a monthly report on Friday.
Excluding North America, record major Iranian oil buyers, including Japan, India and South Korea, indicated that they could stop importing Iranian crude if US sanctions were imposed
. However, they buy as much Iranian oil as possible. Imports of Iranian crude oil by major buyers in Asia rose in May to their highest level in eight months.
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