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The United States wants Iran to be excluded from global oil activities.
REPUBLIKA.CO.ID, NEW YORK – World crude oil prices rose late Monday (Tuesday morning, local time). US crude ended the session higher by anticipating the shutdown of Canadian production until September
Meanwhile, Brent's global benchmark has risen in the face of US sanctions against Iran and the decline of production in Libya. The United States or West Texas Intermediate (WTI) for August delivery rose 5.0 cents to settle at $ 73.85 a barrel on the New York Mercantile Exchange.
Meanwhile, the world benchmark, Brent crude for delivery in September added 96 cents "We continue to see the oil market backed, with growing concerns over sanctions against Iran, where European refiners and Koreans need to reduce their purchases to near zero, "said Andrew Lipow, president of Lipow Oil Associates.
The United States says it wants to cut oil exports from Iran, the fifth largest unia producer, to zero in November. "It is feared that an increase in Saudi and Russian production may now be sufficient to compensate – not just the Iranian production – but also the supply disruptions we see from Libya, Nigeria and Japan. In Canada, Disturbance of Syncrude's 360,000 barrels per day oil facility reduced throughput to Cushing, Oklahoma, the delivery point for US oil futures
Suncor's majority shareholder Energy Inc. Monday (9/7), a portion of Syncrude's production will resume operations in July or earlier than anticipated, however, it will not resume operations until September.
Stocks in Cushing hit a three-and-a-half-year low last week The US Commodity Trade Commission said on Monday (9/7) that fund managers had raised their haus on US crude in the week before July 3.
Concern over declining production in Libya also pushed up prices. Libyan oil production fell by more than half in five months, dropping to 527,000 barrels a day. "The next day will be reduced and the day after tomorrow will decrease and we will be lower," said Mustafa Sbadla, director of the National Oil Corporation, Monday, July 9
. will utilize the overall spare capacity and leave the market more vulnerable to further unexpected production declines.
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