Opec-led supply cuts, US sanctions against Iran and Venezuela, and violence in Libya provide support
09 April 2019 - 08:43Singapore — Oil prices rose to fresh five-month highs on Tuesday as markets tightened amid Opec-led supply cuts, US sanctions against Iran and Venezuela, and escalating violence in Libya.
Oil markets have tightened this year as the US imposed sanctions on oil exporters Iran and Venezuela while producer club Opec has been withholding supply to prop up prices.Goldman Sachs said an oil supply deficit had opened up early this year. Prices have been further lifted this week by escalating violence in Libya, a significant supplier of oil to Europe, which produced around 1.1-million barrels a day of crude in March.
And while fears of a global recession ebbed following strong US jobs figures and improved Chinese manufacturing data late last week, Bank of America Merrill Lynch said there was still a “significant slowing in growth globally” in 2019.
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