Oil prices at four-year highs

Posted On May 16th, 2018 - 1:19 pm | by Oil and gas press

The price of OPEC basket of fourteen crudes stood at $75.47 a barrel on Tuesday, 15 May 2018, compared with $74.20 the previous day, according to OPEC Secretariat calculations.

Oil prices have recently hit four-year highs on the back of global supply worries, with the European benchmark, Brent crude, topping $78 a barrel as markets tighten amid OPEC cuts, Iran sanctions

U.S. shale production is expected to rise by about 145,000 barrels per day to a record 7.18 million bpd in June, the U.S. Energy Information Administration said on Monday.

Iranian oil exports have increased by roughly 1 million barrels per day since early 2016, and the big question is whether the market will be able to cope with a sharp drop in supply if sanctions are reimposed.It is unclear how U.S. sanctions will affect Iranian oil.

The EIA projected gas output would increase in all of the big shale basins in June.

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