Crude Oil prices hovering near 2019 highs amid OPEC supply cuts, US sanctions
Commodity Online | March 22 2019
UPDATED 10:59:23 IST

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Oil prices on Friday hovered close to 2019 peaks reached the previous day, propped up by supply cuts led by producer club OPEC and by U.S. sanctions against Iran and Venezuela.

Brent crude oil futures were at $67.82 per barrel at 0122 GMT, down 4 cents from their last close but within a dollar of the $68.69 per barrel, 2019-high marked the day before.

US West Texas Intermediate (WTI) futures were at $60 per barrel, virtually unchanged from their last settlement and not far off their 2019 peak of $60.39 touched on Thursday.

Prices have been propped up by supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies such as Russia, often referred to as 'OPEC+'.

Beyond OPEC and Russia's supply policy, oil prices have also been boosted by U.S. sanctions on OPEC-members Iran and Venezuela.

Iranian crude oil shipments have averaged only just over 1 million bpd in March, down from 1.3 million bpd in February and a 2018 peak of at least 2.5 million bpd in April, before the U.S. sanctions were announced.

Venezuelan crude oil production has also dwindled amid U.S. sanctions and an internal political and economic crisis, plunging from a high of more than 3 million bpd at the start of the century to not much more than 1 million bpd currently.

 

Commodity Arrivals Rate
Mustard Oil NR 9650.00
Coconut Oil 1 17500.00
Arecanut 70 2600.00
Sugar NR 3700.00

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