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The agreement reached at the meeting in Vienna, Austria, is expected to reduce world oil prices and thus become a positive stimulus for global economic growth.
But last week, world oil prices jumped 13%. Quoted from Reuters Thursday (28/6), the price of oil has even exceeded 74 USD / barrel, the highest since the end of 2014. This price trend is the main oil-importing countries of China, from the United States, and India tremble.
This reflects the fact that US sanctions against Iran, principal OPEC oil producer and the fifth largest in the world. US withdrawal of nuclear talks with Iran, prompting Iran to expand its nuclear program. The United States also threatens to impose economic sanctions on oil importing countries in Iran
Shell Gas Stations (Photo: Shell Doc )
"You can not tweet the question of high oil prices and at the same time imposing sanctions on Iran regardless of rising prices," said Ben Cook, manager of portfolio of BP Capital.
Especially at the same time, the oil production of two countries OPEC members, Venezuela and Libya, have also fallen dramatically.
"This means that there is no supply reserve on the oil market at a time of strong geopolitical tension," said Bob McNally, a former White House official currently president of the consulting firm Rapidan Energy Group. OPEC, Canada's largest oil producer, is experiencing a power outage that disrupts the flow of crude oil to the United States. It is therefore not surprising that US oil jumped 1.5% to over $ 74 a barrel.
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