West Texas Intermediate (WTI) crude reached $75 a barrel on July 3, but quickly dropped to settle at just 0.3% higher, after the American Petroleum Institute (API) announced that US crude inventories fell by 4.51 ...
Libya has declared a force majeure on significant ammounts of its supply, pushing oil prices to highs not seen since 2014.
Oil prices rose on June 27 after US officials ramped up pressure on its allies to end imports of Iranian crude by November.
Average Oman crude oil price increased by 27.8% year-on-year (Y.o.Y), reaching $51 per barrel by end of 2017, from $40 per barrel in the same period of 2017.
In a six-year plan to balance the government’s budget, Saudi Arabia predicts that oil prices will rise to $75 per barrel by 2023.
With rising oil prices, Iran, Iraq, Kuwait, and Qatar could run budget surpluses next year if prices remain stable.
