Brent climbs above $80 as supply concerns take centre stage

By A/S Global Risk Management.

Michael Poulson, Senior Oil Risk Manager at Global Risk Management. Image credit: A/S Global Risk Management

Updated on 22 Oct 2018 08:48 GMT

The International Energy Agency (IEA) is cited as saying earlier today said that the missing Iranian oil barrels could be hard for other oil producers to offset. In the meantime, news hit the market that Iraq - the world's fourth-biggest oil producer - is producing a record 4.78 mio. barrels of oil per day according to the country's oil minister. According to the oil minister, production will increase to 5 mio. barrels per day next year and 7.5 mio. barrels in 2020.

The markets are closely watching the increased geopolitical tensions as a Saudi Arabian journalist died in a Saudi consulate in Istanbul earlier this month and the circumstances around the death continue to be uncertain.

Libya's Hariga oil exports port is back to normal operation after some unrest earlier last week.

Friday's U.S. oil rig count from Baker Hughes showed an addition of 4 oil rigs to 873, the highest since 2015. It is the second week in a row with increasing number of active oil rigs in the U.S. after a month of declines.

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