Oil boosted by OPEC and the prospect of another attack from Iran

The barrel of Brent BRENT Brent, or North Sea crude, is a variation of crude oil serving as a benchmark in Europe, listed on the InterContinentalExchange (ICE), a stock exchange specializing in energy trading. It became the first international standard for setting oil prices. from the North Sea for delivery in January appreciated 2,71%to close at 75,08 dollars.

Le barrel of West Texas Intermediate (WTI WTI West Texas Intermediate (WTI), also called Texas Light Sweet, is a variation of crude oil that serves as a standard in setting the price of crude and as a raw material for oil futures contracts with the Nymex (New York Mercantile Exchange). ), the stock exchange specializing in energy.) American with deadline in December took him 2,85%has 71,47 dollars.

The benchmark American variety thus recorded a fourth positive session in a row.

For Andy Lipow, of Lipow Oil Associates, this new boost is primarily due to the decision of eight members of the OPEC+ group to postpone the increase in their production by one month.

This is the second postponement after a first postponement from October to December.

These eight countries, including Saudi Arabia, the most influential country in the Organization of the Petroleum Exporting Countries (OPEC), and Russia, a partner under the OPEC+ agreement, have planned to gradually return to 2.2 million barrels production cuts.

The start of this process must therefore now take place at the beginning of January, and no longer at the end of December as planned so far.

“They always left open the possibility that in the event of prolonged price pressures they could postpone the increase” of production, recalled Andy Lipow.

“If there was suddenly a supply crisis, they might decide to ramp up their production at the next meeting” of the organization, on December 1, considers the analyst.

OPEC Secretary General Haitham al-Ghais expressed optimism on Monday about the health of global demand. “The American economy is doing well“, commented the manager on the sidelines of the ADIPEC conference in Abu Dhabi.

“Everyone is talking about the slowdown in China, but China is doing well” said Haitham Al-Ghais.

Furthermore, for Andy Lipow, “statements from Iran over the weekend added a bit of geopolitical risk premium” at the price of black gold.

Iran’s Supreme Leader, Ali Khamenei, has promised a “scathing response“to Israel for its”actions against Iran and the resistance front“.

The spokesperson for the Revolutionary Guards, the ideological army of Iran, Ali Mohammad Naini, spoke of a response “firm, thoughtful and powerful“to the Israeli offensive of October 26 on Iranian military sites.

Iranian President Massouf Pezeshkian nevertheless indicated on Sunday that if Israel accepted a ceasefire with Hezbollah and Hamas, allied movements of the Islamic Republic, “this could influence the intensity and nature of our response“.

(c) AFP

Commenter Oil boosted by OPEC and the prospect of another attack from Iran