Oil prices extended their gains today, Friday, heading towards recording increases for the second week, amid increasing fears of the expansion of the scope of the Israel-Gaza conflict in the Middle East and thus disrupting supplies from one of the largest crude production regions in the world.
Oil prices are also benefiting from expectations of a growing deficit in the fourth quarter after Saudi Arabia and Russia, the main producers, extended supply cuts until the end of the year and amid a decline in inventories, especially in the United States.
The US Department of Energy said Thursday that Washington is seeking to purchase six million barrels of crude to deliver to the Strategic Petroleum Reserve in December and January as it continues its plan to refill emergency reserves.
Separately, OPEC+ sources told Reuters that the temporary lifting of US oil sanctions on Venezuela, a member of the Organization of the Petroleum Exporting Countries (OPEC), is unlikely to require any changes in the policy of the OPEC+ alliance at the present time, as the production recovery is likely to be gradual.
2023-10-20 09:08:42
#IMLebanon #Oil #prices #rising
