Egypt condemns parcel bomb attack in France's Lyon    Trump urges greater Japanese investment in US, knocks trade advantage    Solar energy and the future    The ‘Deal of the Century' is not the end    Messi finishes Europe's top scorer for third straight year    All credit to Egyptian women    Esperance hold 10-man Wydad to 1-1 draw in African Champions League final    In search of historical women    Why the dollar went south    Egypt govt increases aid to Federation of Arab Journalists to EGP 2 mln per year    Suez Canal Authority head hails role of simulation centre in training his staff    Kenya's high court unanimously upholds ban on gay sex    France clears path to extradite Argentine torture suspect    Tennis: Serena remains America's best hope at French Open    72nd Cannes Film Festival: It's all about fresh talents    SODIC to pay EGP 1.2bn of outstanding land dues in 2019    Fanzir plans to launch 3 projects, open HQ in Egypt: Aljishi    Tazkarty, online booking for AFCON tickets launched    Egypt saves $350m by improving energy efficiency: Petroleum Ministry    US warns Al-Assad following suspected chemical attack    Huawei sales will not be affected by Google's suspension of business: MTI    Four women challenge male-dominated food market in Ramadan    Lack of proper waste management in Egypt causes accumulation of marine plastic litter    Aiisha Ramadan & SADAFA Collaborate for SS'19 Arab Fashion Week    Shoukry, Sadadi convene in Cairo over regional updates    Banking draft law will not impose term limits on state-owned banks' board members: source    12 alleged militants killed in two separate raids in Al-Arish    Repatriation: Why Western museums should return African artefacts    Omani author Jokha Alharthi wins prestigious Booker International Prize    Al-Karma to publish Tawfik's last short story collection in June    Breaking the record    Amending judicial regulations    Pre-emptive strikes    Mubarak speaks    Newsreel    Connected for exams    Egypt name national team's initial squad for AFCON 2019    General Prosecutor orders release of five prominent detainees    Mascot revealed, tickets on sale    Only one path to glory    Messages to Tehran    Don't miss Al-Leila Al-Kebira puppet theatre operetta at Al-Hanager Arts Centre    In search of historical women    Twelve alleged militants killed in shootout with police    Malawians vote in tough presidential election    Angry at being dubbed a hustler, Maradona dismisses new film    President Sisi receives citizens for Iftar at his private residence    The alternative economy in Ramadan    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

Oil jumps to $73.60 as US announces return of sanctions on Iran
An oil barrel will cost $75 before end of this month..,hedging will save state millions of dollars: Source
Published in Daily News Egypt on 22 - 04 - 2019

The prices of oil in global markets jumped to $73.60 per barrel in yesterday's trading with an increase of $3 compared to last week, driven by the return of the United States' sanctions on Iran and Venezuela, which would cause a reduction in their oil exports, in addition to the production reductions continuing as applied by members and non-members of the OPEC.
A source in the oil sector told Daily News Egypt that the government's measure to hedge the global oil price hike beyond $70, which started in January, saved millions of dollars that would have been borne by state subsidies of petroleum products as a result of increasing Brent prices.
He added that determining Brent price hedging was developed after a comprehensive analysis of developments and external influences on the oil market, which confirmed the continuation of the oil barrels price rise this year.
The source pointed out that the price of barrel during the first quarter of this year ranges between $60 to $68, and broke the barrier of $70 per barrel at the start of this month, and is expected to rise to $75 before the end of April.
Medhat Youssef, former vice chairperson of EGPC, explained that political events in the region are the main engine moving a price of a barrel whether upwards or downwards, which would affect the economies of countries importing crude materials and petroleum products such as Egypt, causing instability in the economies of countries exporting oil.
He said that he expects the upcoming OPEC meetings to see divisions among its members if the price of oil continued to rise above $70 per barrel.
Youssef pointed out that the fair price of an oil barrel is $60 in global markets, according to the average cost, in a way that suits ordinary and rock crude oil.
The US is expected to announce that all Iranian oil importers should end their imports soon or face US sanctions, leading to a %3 percent hike in crude prices, which would be the highest level this year.
A report issued by the OPEC pointed out that member countries' commitment to the reduction last January reached 93% after a reduction in production by 890,000 daily barrels, compared to December, based on the estimations of the six global agencies authorised for pricing in the OPEC.

Clic here to read the story from its source.