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    Home > Chemicals Industry > Petrochemical News > Brent crude oil prices hit a nine-year high

    Brent crude oil prices hit a nine-year high

    • Last Update: 2023-03-07
    • Source: Internet
    • Author: User
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    Arab News Network reported on March 3 that Russia's economic sanctions have triggered concerns about crude oil supply, and Brent oil prices continued to rise on March 3, breaking through $118, a new high
    in nine years.
    U.
    S.
    West Texas Intermediate crude reached $114.
    70 per barrel, an 11-year high
    .
    U.
    S.
    export controls on Russia's refining industry have raised concerns about
    Russian oil and gas exports.
    OANDA analyst Jeffrey Halley said: "'Global' financial institutions are doing a lot of work to ban any Russia-related transactions
    altogether.
    " Australia's ANZ Bank said the supply shortage could rise further and predicted short-term oil prices to reach $
    125 a barrel.
    According to the International Energy Agency, Russia is the world's third-largest oil producer and the world's largest oil exporter
    .
    Russian crude and refined product exports reached 7.
    8 million b/d
    in December 2021.
    Despite soaring oil prices, OPEC and its alliance of allies have ignored calls from consumer countries to increase crude oil production
    .

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