Kuwait Oil Minister, Hani Hussein, has said that drop in
Iranian production coupled with regional tensions were pushing oil prices
higher. According to Hussein,
"Iranian production has dropped which has contributed to raising prices
and fears from regional tensions and economic issues have also pushed prices
higher”.
Hussein said that despite geopolitical tensions, "oil
supplies are going well and there is enough production to meet market demand
which is a positive signal to the market." Iranian oil production has
dropped sharply following European and US sanctions on the Islamic republic
over its nuclear programme, according to OPEC.
Global oil prices rebounded sharply after
better-than-expected jobs data in the United States and ongoing tensions over
key producer Iran. New York's main
contract, West Texas Intermediate (WTI) light sweet crude for September, jumped
$4.27 to $91.40 a barrel. Brent North Sea crude for delivery in September
soared $3.04 to $108.94 a barrel in London deals.
US President Barack Obama imposed new economic sanctions on
Iran's oil export sector and on a pair of Chinese and Iraqi banks accused of
doing business with Tehran.
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