Oil at its highest peak during 2019

Editorial Date: 2019/4/23 11:35

Oil prices hit a record high of 2019 on Tuesday after Washington announced it would end all exemptions granted in Iranian sanctions by the end of May to press importers to stop buying from Tehran.

Despite the Washington move, analysts said global oil markets would be able to cope with Iran’s hurdles given the availability of sufficient spare capacity from other suppliers.

At 0628 GMT, Brent crude futures were at $ 74.58 a barrel, up 0.7 percent from their latest closing, their highest level since November 2018.

US crude futures were the strongest since October 2018 at $ 65.10 per barrel , Up 0.8 percent from the previous settlement.

On Monday, the United States demanded Iranian oil buyers stop imports by May 1 or face sanctions, ending six-month exemptions that allowed the top eight buyers from Iran, most of them in Asia, to continue to import limited quantities.

Before sanctions were reinstated last year, Iran was the fourth largest producer of the Organization of the Petroleum Exporting Countries (OPEC) at about 3 million bpd, but April’s exports shrank to less than 1 million bpd, according to Rev.Net data.



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