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Brent crude oil prices rise on Monday as global demand rises and US efforts to curb Iranian exports by sanctions, which should be offset by pumping from other producers.
Brent advanced 0.96% to 77.85 dollars per barrel, while oil in the United States ( WTI ) operated with a decrease of 0.53% at $ 73.41.
The United States has announced that it wants to reduce to zero the oil exports of Iran, the fifth largest producer of crude oil in the world, which would force other major producers as well. Saudi Arabia to pump more.
But the Saudis and other members of the Organization of Petroleum Exporting Countries (19459005) OPEC ) have little spare capacity and the demand for crude oil has risen faster than the United States. offer from last year.
In addition, exports of several OPEC members, such as Venezuela and Libya, declined. "If the Saudis and other (producers) replace the losses caused by (excluding) Iran, there will be virtually no spare capacity available," said Michael Wittner, analyst at Societe Generale.
US oil production is increasing, but it is unlikely that it will fill the void if its sanctions manage to block Iranian exports.
The American oil market is adjusted. Inventories in Cushing, Oklahoma, the US crude oil futures point, fell to their lowest level in three-and-a-half years, according to data released last week.
The OPEC, Russia and other producers outside the group agreed in June on a modest increase in pumping to contain oil prices, which have recently peaked three and a half years. An increase in supplies would cancel part of the pact for pump cuts established by OPEC and other major producers since 2017 to curb a multi-year excess supply that had driven down prices.
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