01 October 2018, Sweetcrude, Lagos — Oil price has risen to $83 per barrel. Brent reached their highest prices since November 2014 on Monday, hitting as much as $83.27 a barrel in preparation for looming sanctions against Iran, which will start targeting its oil sector from November 4.
OPEC daily basket price stood at $81.48 a barrel Friday, 28 September 2018, while the U.S. West Texas Intermediate, WTI crude futures were at $73.57 a barrel.
“The market is eyeing oil prices at 100 dollars per barrel’’, ANZ bank said on Monday, adding that there are expectations China would ignore U.S. sanctions.
However, China’s Sinopec said it is cutting its imports of crude oil from Iran by half from this month.
U.S. President Donald Trump called Saudi Arabia’s King Salman on Saturday, discussing ways to maintain sufficient supply once Iran’s exports are hit by sanctions.
President Trump has been said to putting pressure on countries in trade relations with it, to stop the importation of Iran’s oil or face sanctions.
However, Saudi Arabia had said there is no plan to boost its market supply against pact with the Organisation of Petroleum Exporting Countries, OPEC’s Declaration of Cooperation.