Oil price can spike to $ 100

Photo: Ahmed Jadallah / Reuters
Oil prices could hype to $ 100 per barrel, unless Saudi Arabia fully restores the crudes supply in a short term, cites analysts as saying to Reuters.

The market can see oil return to $ 100 per barrel unless the problem with crudes supply is resolved in the short term, according to Onyx Commodities CEO Greg Newman.

On Monday, the value of the November futures for Brent crude oil went 19% up, to $71.95 per barrel, the price of October futures for WTI crude oil rose by 15%, to $63.34, according to ICE London. As of 08:19 Moscow time, Brent crude fell slightly - to %66.21 per barrel, WTI by 08:07 - to $59.77.

Saudi Arabia, the largest exporter and second largest oil producer in the world, halved production (by 5.7 million barrels per day) after its oil facilities were attacked by drones on the night of September 14. Responsibility for the attack was claimed by the Hussite Yemeni rebels, against whom the Arab coalition led by Saudi Arabia is fighting.

After the bombardment, a fire started, which was put out. While the work of enterprises is restored, Saudi Arabia intends to ship oil from stocks. However, a decrease in production of 5.7 million barrels per day is so significant that it cannot last long, CNBC refers to experts as saying. Saudi Arabia announced its intention on Monday, September 16, to restore production of about two million barrels.

The U.S. - largest oil producer in the world - has already announced its readiness to unseal its strategic reserves if it becomes necessary to stabilize the global energy market. This was announced by U.S. President Donald Trump in his Twitter account.

12:41, 16 September 2019


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