Oil prices have shifted upwards again. This was caused by OPEC’s success in reducing oil exports once more (in compliance with the members’ agreement to cut back on production). The conflict in Iraq has been instrumental in this, as it has prevented the country from exporting as much oil as it usually does. Furthermore, oil stocks in the United States also lowered.
In terms of pricing, the Brent crude is up at $57.47, while American crude oil is at $51.96.
Due to the issue of Kurdish independence, which affects both Iraq and Turkey, oil shipments from the region have been reduced. The United States have also had a much lower production in recent months due to interruptions and damages caused by the multiple hurricanes that hit the Americas at the end of the summer.
Oil prices were also boosted on the expectation that OPEC and other important oil-exporting countries that are not members of the organization such as Russia will extend their cuts well into 2018 in order to support the oil market.
