Brent crude oil prices on Thursday hit their highest so far this year, pushed up...
SINGAPORE - Brent crude oil prices on Thursday hit their highest so far this year, pushed up by ongoing supply cuts led by OPEC and by U.S. sanctions against Venezuela and Iran.
“Tighter global inventories from OPEC-led supply cuts and ... U.S. sanctions on Venezuelan petroleum products have cemented support for oil prices,” said Benjamin Lu of Singapore-based brokerage Phillip Futures. In Venezuela, oil production and exports have been disrupted by a political and economic crisis that has caused massive blackouts and supply shortages, while Washington has barred U.S. companies from doing business with the Venezuelan government, including state-owned oil firm PDVSA.
In the Middle East, the United States aims to cut Iran’s crude exports by about 20 percent to below 1 million barrels per day from May by requiring importing countries to reduce purchases to avoid U.S. sanctions, two sources familiar with the matter told Reuters.
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