Monday 31 July 2017
Last update on Monday, July 31, 2017 At 3:47 PM
For 6 weeks, the worldwide rebound of oil and gas price reached 50$ per barrel. This is quite exceptional given that United State is seeking out of new stock of crude oil.
The OPEC (Organisation of the Petroleum Exporting Countries) Headquarter in Vienna, Austria.
That might have beneficial consequences for countries producing petrol around the Mediterranean. Indeed the barrel price reached 50$ which is quite exceptional.
The reason why the price risen that way is linked to the terrible American crushes of crude oil for 4.73 millions of barrels. The announcement last week from the US official that the oil reserve of the country were now up to 490 millions has not entirely displeased the Mediterranean. However analysts predicted a 3.5 millions of barrels crush.
The American gasoline stocks dropped 4.7 millions of barrels down. This might be linked to the Venezuela crisis where United State has pushed into an international embargo. Most probably another explanation points out a relationship with OPEC (Organisation of the Petroleum Exporting Countries) countries member who are producing more than they could. Among them, Nigeria and Libya were restricted to export world widely by the Vienna convention.
Nevertheless those countries are currently going through difficulties to apply international oil restriction.
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