Optimism as Oil Hits a 2 Year High

Optimism as Oil Hits a 2 Year

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Crude oil prices grew further this week hitting a highest high over a 2 year period, the Organization of Petroleum Exporting Countries (OPEC) recently gave out an air of optimism while speaking to Bloomberg.

The Saudi energy minister was quoted by Bloomberg as saying, that the black gold “has shown clear signs of improvement “while Alexander Novak of Russia saw the increase as a sign of “gradual economic recovery”

It is noted that the increase in the demand of the black gold is ultimately affecting the price, not withstanding the fact that more oil will be coming from the Iran after the US sanction is lifted.

There’s some confidence right now improving demand should be able to absorb what could be an additional 2 million barrels a day from Iran, if it materializes

Howie Lee, Oversea-Chinese Banking Corp

Howie Lee, went further to explain that the demand from U.S has been driving the global consumption recovery.

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featured image: Thisdaylive

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Ugochukwu
A Petroleum Engineering writer, passionate about energy and related technologies

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