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Oil price leaps to $74 per barrel as US inventory drops

By Udeme Akpan

Crude oil price has risen from $72.50 to $74.17per barrel in the international market as a result of limited inventories in the United States and Iran sanctions.

Oil

In its report obtained by Vanguard, yesterday, the American Petroleum Institute stated that US crude stocks fell last week by 5.2 million barrels.

The development, which, gave impression of rising demand over limited supply, culminated in high price.

A survey of the market by Vanguard, yesterday, showed that the price of Brent rose from over $72 to $74.17 per barrel.

The price of WTI and Organisation of Petroleum Exporting Countries, OPEC, basket of 15 crudes stood at $67.22 and $70.27 per barrel respectively.

OPEC stated: “The price of OPEC basket of 15 crudes stood at $70.27 a barrel on Friday, compared with $69.47 the previous day, according to OPEC Secretariat calculations.

“The OPEC Reference Basket of Crudes (ORB) is made up of Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).”

In its August market report, OPEC, which expected increased demand had stated: “In 2018, oil demand growth is anticipated to increase by 1.64 mb/d, 20 tb/d lower than last month’s projections, mainly due to weaker-than-expected oil demand data from Latin America and the Middle East in 2Q18.

 

 

 

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