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The price of a barrel of oil is almost reaching US$ 100.00

Paulo Nogueira
16-05-2018 10:18:08
in Uncategorized
barrel oil price brazil petrobras

This was the value we used to have before the crisis. The market thinks that the price of oil will reach this average in the coming months

Crude is rising again, with investors already expecting US$ 80 a barrel this month. International benchmark Brent crude rose nearly US$ 1 a barrel on Tuesday (15/05) to US$ 79.22, the highest price since November 2014, amid signs of a tighter oil market. North American West Texas Intermediate, meanwhile, added 68 cents to $71.64 a barrel. The supply cuts led by OPEC and Russia coincided with a drop in production and exports from Venezuela due to economic and political crises and sanctions on Iran.

Venezuela's crude oil exports, according to Kpler tanks, are on the verge of collapse, figures show production below 1 million barrels a day to historic lows, Venezuela's foreign oil sales are down 40% compared to last year. The country's energy situation is not looking good either, as the creditors of PDVSA, a state-owned oil company threatened with extinction, are trying to confiscate assets abroad.

A drop in Iranian oil supplies is also expected with the new round of US sanctions, launched now under the Trump administration, following the country's withdrawal from the nuclear deal. And to top it off, Saudi Arabia is producing less oil than at any time since the production cut deal took effect in early 2017.

O Global energy market is gearing up for a rise in oil prices, and these market phenomena could provide the perfect revenue for oil at US$ 100 a barrel next year, according to analysts at London-based brokerage PVM.

However, the Saudis said they stepped in to stabilize the oil market with other producers if the need arises, but this has raised questions about whether participants involved in the supply-cut deal, particularly Russia, can undo the 18-year production deal. months with OPEC.

It’s also worth noting that despite robust growth in production from the U.S. shale oilfields, these barrels have failed to help fill the gap as much as people initially predicted as pipeline bottlenecks and other infrastructure issues keep oil from reaching refineries. and export terminals. Reaffirming a thesis of prices rising at least in the short term. Source: Portal do Petroleiro

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Paulo Nogueira
With technical training, I worked in the offshore oil and gas market for a few years. Today, my team and I are dedicated to bringing information from the Brazilian energy sector and the world, always with credible and up-to-date sources.