Fed by OPEC and its partners’ supply cuts and by rising geopolitical tensions, oil prices have gained nearly 20 percent this year as domestic production is set to hit 100 million barrels per day later in the year. WTI crude is $71.73; Brent is $78.89 this morning.
With Venezuelan President Nicolás Maduro’s reelection victory on Sunday, concerns of possible sanctions on Venezuela’s oil industry (along with those reimposed on Iran) intensify worries about global oil supply shortages. WTI crude is $72.42; Brent is $79.59 this morning.
Traders and analysts say there is enough supply to meet demand despite the production cuts led by OPEC, plunging output in Venezuela and pending U.S. sanctions against Iran. WTI crude is $71.47; Brent is $78.54 this morning.
Global demand, the ongoing OPEC supply deal, and continued geopolitical risks are pushing oil prices higher. Questions remain as to what extent U.S. sanctions may affect Iran oil production. WTI crude is $71.54; Brent is $79.60 this morning.
Even with a slowdown in demand and soaring U.S. output, analysts say that global oil markets will remain tight. U.S. shale production cannot solve the current oil supply problems, considering production drops from Iran and Venezuela. WTI crude is $72.06; Brent is $79.82 this morning.
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