London — Oil prices rose on Wednesday, back towards five-month highs hit the previous day as oil cartel Opec production cuts and US sanctions on Iran and Venezuela continued to tighten supply, although economic worries increased.
Oil markets have tightened this year because of US sanctions on oil exporters Iran and Venezuela, as well as supply cuts by Opec and some non-affiliated producers including Russia, a group known as Opec+. “The global oil market is clearly moving back towards balance thanks to Opec+ production cuts,” ING bank said. The Dutch bank said the reduction was not only down to voluntary supply cuts, which the group started this year to prop up prices, but also involuntary curbs from Venezuela and Iran — which are exempt from the Opec cut pact — due to US sanctions.
But Russia’s role in the pact came into focus after a senior Russian official signaled that Moscow might seek to raise output, though President Vladimir Putin indicated on Tuesday that current prices suited Russia.
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