Strict US sanctions against Russian oil allow the largest producers in the Middle East to raise prices for their most important markets in the largest years, helping to attract more revenue from the petrodollar to meet the necessary financing needs. Iraq, the second largest producer in the Organization of Petroleum Exporting Countries (OPEC), has increased the price of the main cloud to the highest level since September 2022. Saudi Arabia had a significant increase in prices last week, while prices in the Emirates have risen to the highest level since September. Read more: Russia is facing an imminent crisis in oil tankers, with the escalation of sanctions. Russia is facing an imminent lack of tankers carrying oil, and Iran faces a renewed threat to imposing strict sanctions, forcing buyers to look for an alternative supply of similar Middle Eastern RU, contributing to high oil prices in the region. A big demand for wave oil The bodies of Dubai (financial contracts used to determine the price of Dubai ruol) continued, the most important criterion for oil prices in the Gulf region, according to the data of the PVM oil association. The discount on the future contracts of Brent -Ru (or any other standard crude in the region) has reached its lowest level since June, referring to the increasing demand for the region’s oil. It is likely that the increase in the price of crude oil will provide some financial support to the countries of the region. Although oil prices remain much lower than the level at which Saudi Arabia should balance its enormous spending plans, any price increase can reduce the pressure on the kingdom, which is the largest exporters of emerging markets over the past year. Also read: Saudi Arabia raises oil prices for Asia. In February, Iraq tries to earn as much revenue as possible through high prices to increase its economic conditions. The refinement margins in Asia have improved in recent weeks, after some refineries have reduced production, another factor that played a role in major price increases. The largest producing countries in the Middle East determine oil prices for their buyers, often long -term contracts monthly, while Saudi Arabia, the largest oil exporter, plays the role of leadership in determining the price conditions in the region. Iraq increased the price of Basra Mediterranean by $ 2.60 a barrel, to a $ 2.65 bonus above the Regional Standard for Buyers in Asia during March, according to the price list issued by the Government Oil Marketing Company (Sumo). Read more: Golf oil prices have ascended amid the scarcity of Russian and Iranian supplies. The price of the heavy Basra oil will rise by a similar amount, which will bring both classes to their highest level since September 2022. The prices of RU supplies for March of Abu Dhabi and Oman also rose, and oils prices are determined by the two countries produced through stocks. Mirban Oil, the most important ru in Abu Dhabi, is sold for $ 80.22 a barrel in March, from $ 73.28 in February. Omani -rough saw a similar increase in more than $ 7 a barrel from month to month.
OPEC’s top producers increase oil prices after tightening sanctions against Russia
