Voltaire Network

Oil rises to above $60 per barrel


The price of oil has climbed back to above 60 dollars a barrel. This hike makes exploiting certain deposits profitable once again. In particular, it provides countries exporting oil (principally Saudi Arabia, Russia and Iran), with additional resources.

According to expert brokers, this upward trend would probably continue over the following months. It would be attributable to about ten factors including:
- the discipline that OPEC and its allies have displayed;
- the fall in stocks of importing-countries (for OECD members: a reduction of 180 million barrels in six months);
- the significant rise in demand in the United States (moving in one year, from 1.35 million to 1.6 million barrels consumed every day in the United States);
- the political uncertainty in the Iraqi Kurdistan and Venezuela; and
- the resumption of long-term speculation on the oil market.

Anoosha Boralessa

Voltaire Network

Voltaire, international edition

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