Eko Hot Blog reports that a review of global oil prices on Tuesday, September 19 via Oil Price showed that Brent crude was $95.06 per barrel as of 5:36 AM, GMT+1.
The rise in oil prices is due to several factors: supply constraints following the decision by Saudi Arabia and Russia to tighten their crude oil production till the end of 2023, subject to monthly reviews.
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Also, China’s economy is showing signs of a comeback from its downturn as economic stimulus is being rolled out by the government and market experts believe that this will increase oil demand in the country, contributing to a rise in crude prices.
In the midst of market dynamics, the Nigerian crude Qua Iboe benchmark saw a surge to $100 per barrel on Monday, only to show a slight dip to $98.33 per barrel early on Tuesday.
Concurrently, the West Texas Intermediate held its ground at $92.41 per barrel, portraying a fluctuating yet substantial oil market.
Amidst this price fluctuation, the International Energy Agency (IEA) recently asserted that the pinnacle of oil demand is on the horizon. However, the Organization of Petroleum Exporting Countries (OPEC) responded to this prediction.
Adding a global perspective to the discourse, Amin Nasser, the President and Chief Executive Officer of Saudi Aramco, delivered a compelling address during the World Petroleum Congress in Alberta, Canada.
He emphasized the risk of swiftly phasing out conventional energy sources, urging for a cautious approach.
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