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the oil pump
Oil prices hit multi-year highs on Tuesday, with U.S. crude reaching its highest level since 2014.
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This came after OPEC + producers failed to agree on plans to increase supply in the face of rising global demand.
Brent crude jumped 62 cents, or 0.8%, to $ 77.78 a barrel at 7:48 a.m. GMT, a level not seen since October 2018.
US West Texas Intermediate crude futures were trading up $ 1.75, or 2.3%, to $ 76.91, the highest level since November 2014.
And the Reuters news agency, citing a pricing document it saw, revealed that “Saudi Arabia, the world’s largest oil exporter, raised official selling prices in August for all its crudes it sells to Asia, and set the official August sale price for its Arab Light crude at $ 2.70 per barrel above the Oman average. Dubai for Asian buyers, up 80 cents from July.
The beginning of this month saw a series of developments suggesting an accelerated escalation in disputes between Saudi Arabia and the United Arab Emirates, the two neighboring members of the Gulf Cooperation Council, as talks collapsed on Monday. between the ministers of “OPEC +”, which includes producers from the Organization of the Petroleum Exporting Countries (OPEC) and Russia. , and other producers.
No date has been agreed for the resumption of negotiations after talks were postponed for a third day after disagreements last week.
The UAE had confirmed it would continue to increase production, but the deal fell through after the UAE rejected a separate proposal to extend restrictions until the end of 2022.
Source: “Reuters”
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